Why you should commence your Darwen lease extension

Main reasons to commence your Darwen lease extension today:

Increase your lease and increase your Darwen property value

Unfortunately that a Darwen residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Darwen property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining falls under eighty years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Darwen will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property on a short lease

Most mortgage companies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so if they are not able to obtain a mortgage, then the value of your property will likely be adversely impacted. Since 2008 many 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 Darwen?

Retaining our service gives you better control over the value of your Darwen 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Darwen Lease Extension Example Cases:

Bethany, Darwen, Lancashire,

In the wake of 9 months of lengthy correspondence with the landlord of her ground floor flat in Darwen, Bethany initiated the lease extension process as the eighty year threshold was rapidly nearing. The legal work completed in March 2014. The landlord’s charges were restricted to under 500 GBP.

Darwen case:

Last Autumn we were called by Mrs O Bernard , who took over the lease of a basement apartment in Darwen in August 1998. The question was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative homes in Darwen with an extended lease were valued about £265,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease concluded in 2099. Given that there were 73 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Darwen case:

Mr Sam Pérez purchased a first floor apartment in Darwen in November 2012. The question was if we could estimate the premium would be for a ninety year extension to my lease. Similar properties in Darwen with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 collected yearly. The lease expired on 5 April 2079. Having 53 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of professional charges.