Main reasons to commence your Crosby lease extension

Main reasons to start your Crosby lease extension today:

A Crosby lease depreciates with the years remaining on the lease.

Crosby leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Crosby residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Crosby you would be well advised to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Crosby flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so if they are not able to secure a mortgage, then the market price of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Crosby?

Engaging our service gives you increased control over the value of your Crosby leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Crosby Lease Extension Case Summaries:

Felix, Crosby, Merseyside,

Felix owned a high value apartment in Crosby being sold with a lease of fraction over 59 years remaining. Felix informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be payable on a lease extension were Felix to invoke his statutory right. Felix procured expert legal guidance and secured satisfactory deal without going to tribunal and sell the property.

Crosby case:

In 2014 we were e-mailed by Mrs Stephanie Roberts who, having completed a first floor apartment in Crosby in May 2000. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Identical residencies in Crosby with a long lease were valued about £191,400. The mid-range amount of ground rent was £55 billed yearly. The lease terminated in 2080. Considering the 54 years left we calculated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of fees.

Crosby case:

Last Autumn we were phoned by Mrs E Dupont , who acquired a one bedroom flat in Crosby in July 2009. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Crosby with an extended lease were valued about £295,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease end date was in 2100. Taking into account 74 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.