Top reasons for Cleveleys lease extension

Why you should commence your Cleveleys lease extension today:

A Cleveleys leasehold property depreciates with the years remaining on the lease.

The market value of Cleveleys leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Cleveleys with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not lend on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Cleveleys if the unexpired term of your lease is below the criteria set by most banks and building societies. Different mortgage companies have varying criteria but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in Cleveleys lease extensions?

The conveyancers that we work with procure Cleveleys lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Cleveleys Lease Extension Example Cases:

Abbie, Cleveleys, Lancashire,

Off the back of lengthy negotiations with the landlord of her leasehold apartment in Cleveleys, Abbie commenced the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction completed in February 2007. The landlord’s charges were restricted to less than four hundred GBP.

Cleveleys case:

Last Winter we were phoned by Dr Amy García , who acquired a ground floor flat in Cleveleys in April 1996. The dilemma was if we could approximate the price would be to extend the lease by a further 90 years. Identical residencies in Cleveleys with an extended lease were worth £250,000. The average ground rent payable was £50 billed per annum. The lease terminated on 16 February 2096. Considering the 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.

Cleveleys case:

Last Christmas we were called by Mr and Mrs. M Torres , who took over the lease of a one bedroom apartment in Cleveleys in June 2001. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar residencies in Cleveleys with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced yearly. The lease terminated in 2076. Given that there were 50 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus fees.