Top reasons for Cleator Moor lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cleator Moor property value

The market value of a leasehold property in Cleator Moor is impacted by how long the lease has remaining. If it is close to or fewer than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of buying. It is preferable to commence the process of extending the lease is when the lease still has 82 years unexpired so that formalities can be concluded ahead of the eighty year threshold. Leasehold Reform legislation enables Cleator Moor qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a further term of 90 years. The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Lending institutions may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years suitable security. As well as this being important when selling, it is also relevant if you are wanting to refinance your Cleator Moor property.

What makes us experts in Cleator Moor lease extensions?

Regardless of whether you are a tenant or a freeholder in Cleator Moor,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Cleator Moor valuers.

Cleator Moor Lease Extension Example Cases:

Blake, Cleator Moor, Cumbria,

Blake owned a 2 bedroom apartment in Cleator Moor on the market with a lease of fraction over 59 years left. Blake informally approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Blake to invoke his statutory right. Blake procured expert advice and secured satisfactory deal informally and readily saleable.

Cleator Moor case:

Last Winter we were approach by Mr Edward Nguyen , who bought a one bedroom apartment in Cleator Moor in November 1998. We are asked if we could approximate the price could be to extend the lease by an additional years. Comparative homes in Cleator Moor with a long lease were in the region of £181,600. The average ground rent payable was £55 billed per annum. The lease ended on 4 June 2078. Having 52 years outstanding we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.

Cleator Moor case:

Last October we were phoned by Dr Ben Bertrand , who purchased a purpose-built apartment in Cleator Moor in August 1995. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Cleator Moor with an extended lease were worth £290,000. The mid-range ground rent payable was £45 collected yearly. The lease termination date was in 2098. Taking into account 72 years remaining we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus costs.