Top reasons for Colne lease extension

Why you should start your Colne lease extension today:

Increase your lease and increase your Colne property value

Colne leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Colne residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Colne you must check if your lease has between seventy and ninety years remaining. There are good reasons why a Colne leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

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

Lenders are tightening their criteria and a meaningful number now expect flats to have at least 60 if not 70 years left at the end of the mortgage. Given that plenty of flats in Colne were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Colne?

Retaining our service will provide you enhanced control over the value of your Colne leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Colne Lease Extension Example Cases:

Georgina, Colne, Lancashire,

Off the back of unsuccessful negotiations with the landlord of her two bedroom flat in Colne, Georgina initiated the lease extension process as the eighty year deadline was quickly coming. The transaction was concluded in July 2008. The freeholder’s costs were negotiated to a tad over 450 pounds.

Colne case:

Mr and Mrs. I Cooper bought a garden flat in Colne in January 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Identical residencies in Colne with a long lease were worth £206,200. The average ground rent payable was £60 billed quarterly. The lease expired in 2082. Having 56 years outstanding we approximated the premium to the landlord to extend the lease to be within £32,300 and £37,400 not including expenses.

Colne case:

Last June we were approach by Dr H Patel , who moved into a first floor flat in Colne in September 1997. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical flats in Colne with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 billed yearly. The lease expired on 20 July 2103. Having 77 years left we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.