Why you should commence your Culcheth lease extension

Main reasons to commence your Culcheth lease extension today:

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

When it comes to residential leasehold premises in Culcheth, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years left. Anyone in Culcheth with a lease approaching 81 years remaining should seriously consider extending it without delay. When a lease has under eighty years remaining, under the relevant Act the freeholder is entitled to calculate and demand a larger amount, based on a technical calculation, known as “marriage value” which is due.

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

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to finance a property with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Culcheth?

The conveyancing solicitors that we work with handle Culcheth lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Culcheth Lease Extension Example Cases:

Natalie, Culcheth, Cheshire,

Trailing protracted correspondence with the landlord of her basement apartment in Culcheth, Natalie initiated the lease extension process as the eighty year mark was quickly approaching. The lease extension completed in January 2008. The landlord’s fees were restricted to approximately 500 pounds.

Culcheth case:

In 2012 we were approached by Mr and Mrs. G García who, having took over the lease of a purpose-built flat in Culcheth in May 1999. The dilemma was 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 homes in Culcheth with a long lease were worth £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease lapsed on 27 August 2099. Having 73 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.

Culcheth case:

In 2011 we were e-mailed by Dr U Díaz who, having moved into a studio flat in Culcheth in November 2008. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Culcheth with 100 year plus lease were worth £264,000. The average amount of ground rent was £60 invoiced yearly. The lease ended in 2079. Having 53 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 not including fees.