Why you should commence your Crosby lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crosby property value

The market value of Crosby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Crosby with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term slips under a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to refinance your Crosby property.

Get in touch with one of our Crosby lease extension solicitors or enfranchisement solicitors

Lease extensions in Crosby can be a difficult process. We recommend you procure guidance from a conveyancer and valuer 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 a wealth of experience procuring Crosby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crosby Lease Extension Case Summaries:

Callum, Crosby, Merseyside,

Callum owned a high value flat in Crosby being sold with a lease of fraction over 72 years unexpired. Callum informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be due on a lease extension were Callum to invoke his statutory right. Callum procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Crosby case:

Mr and Mrs. K Thompson was assigned a lease of a one bedroom flat in Crosby in October 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Crosby with an extended lease were worth £265,200. The average amount of ground rent was £65 invoiced monthly. The lease finished on 7 September 2092. Considering the 66 years left we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 exclusive of expenses.

Crosby case:

Mr and Mrs. J Brooks acquired a recently refurbished apartment in Crosby in April 2007. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative flats in Crosby with an extended lease were valued around £198,800. The average ground rent payable was £55 invoiced annually. The lease expiry date was in 2081. Having 55 years remaining we approximated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of legals.