Top reasons for Congleton lease extension

Why you should commence your Congleton lease extension today:

Increase your lease and increase your Congleton property value

There is no doubt about it a leasehold property in Congleton is a wasting asset as a result of the shortening lease. If the lease has, more than 100 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner than later. Many flat owners in Congleton will meet the qualifying criteria; that being said a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Congleton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Congleton with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies will not lend on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Congleton lease extensions?

Lease extensions in Congleton can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Congleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Congleton Lease Extension Case Studies:

Amy, Congleton, Cheshire,

Following lengthy negotiations with the freeholder of her one bedroom apartment in Congleton, Amy started the lease extension process just as the lease was coming close to the crucial eighty-year mark. The lease extension was concluded in September 2014. The freeholder’s charges were kept to an absolute minimum.

Congleton case:

In 2010 we were contacted by Dr Victoria Wright who, having took over the lease of a purpose-built apartment in Congleton in November 2002. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Congleton with an extended lease were valued around £186,000. The mid-range amount of ground rent was £65 collected yearly. The lease elapsed on 17 March 2084. Having 58 years remaining we calculated the premium to the landlord for the lease extension to be between £24,700 and £28,600 plus fees.

Congleton case:

Mrs J Taylor purchased a garden apartment in Congleton in June 1996. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Congleton with a long lease were worth £250,000. The average ground rent payable was £50 collected monthly. The lease lapsed in 2095. Having 69 years unexpired we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.