Top reasons for Cleator Moor lease extension

Main reasons to commence your Cleator Moor lease extension today:

A Cleator Moor leasehold property depreciates with the years remaining on the lease.

Cleator Moor residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Cleator Moor with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not finance a property on a short lease

Lenders are really clamping down as regards to properties in Cleator Moor with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting the amount of potential purchasers.

What makes us experts in Cleator Moor lease extensions?

Retaining our service gives you better control over the value of your Cleator Moor leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cleator Moor Lease Extension Case Summaries:

Alexander, Cleator Moor, Cumbria

In recent months Alexander, came critically close to the eighty-year threshold with the lease on his basement flat in Cleator Moor. Having purchased his property two decades ago, the lease term was of minimal significance. Fortunately, he realised he would soon be paying an escalated premium for Extending the lease. Alexander arranged for a lease extension at the eleventh hour last January. Alexander and the landlord who owned the flat above eventually settled on a premium of £5,500 . If the lease had slid to less than eighty years, the price would have gone up by a minimum £950.

Cleator Moor case:

In 2014 we were e-mailed by Mr Riley Watson who, having purchased a garden apartment in Cleator Moor in July 2009. The question was if we could estimate the premium could be for a ninety year lease extension. Similar properties in Cleator Moor with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 invoiced monthly. The lease ran out on 4 March 2090. Having 64 years remaining we approximated the compensation to the freeholder to extend the lease to be within £19,000 and £22,000 plus expenses.

Cleator Moor case:

In 2012 we were called by Mr and Mrs. P Lee who, having was assigned a lease of a first floor flat in Cleator Moor in July 2010. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative properties in Cleator Moor with 100 year plus lease were worth £189,000. The average ground rent payable was £55 collected yearly. The lease ran out in 2079. Given that there were 53 years left we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.