Why you should start your Congleton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Congleton property value

As the the remaining lease term of a Congleton domestic lease lessens so does its value and therefore the value of your property. If the residual term has, more than 100 years to run then this decrease may be fractional that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should consider extending without delay. Many flat owners in Congleton will qualify for this right; that being said a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wishing to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Congleton lease extensions?

Retaining our service gives you increased control over the value of your Congleton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Congleton Lease Extension Case Studies:

Courtney, Congleton, Cheshire,

Off the back of unsuccessful negotiations with the freeholder of her one bedroom flat in Congleton, Courtney commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction completed in June 2007. The landlord’s costs were restricted to a tad over five hundred pounds.

Congleton case:

In 2013 we were approached by Mrs W Michel who, having acquired a one bedroom apartment in Congleton in April 2007. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Comparative homes in Congleton with an extended lease were valued around £255,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expired in 2096. Taking into account 70 years remaining we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including professional charges.

Congleton case:

In 2012 we were phoned by Dr Kyle Watson who, having bought a first floor apartment in Congleton in November 2012. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical flats in Congleton with an extended lease were in the region of £246,800. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired in 2076. Taking into account 50 years remaining we estimated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of professional charges.