Top reasons for Eccleston and St Helens lease extension

Why you should start your Eccleston and St Helens lease extension today:

Increase your lease and increase your Eccleston and St Helens property value

Eccleston and St Helens leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Eccleston and St Helens enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Eccleston and St Helens you must see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

Eccleston and St Helens property with a lease extension is almost the same value as a freehold

Leasehold premises in Eccleston and St Helens with in excess of 100 years outstanding 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 reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Nearly all mortgage companies will not lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Eccleston and St Helens property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Eccleston and St Helens?

Lease extensions in Eccleston and St Helens can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

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 dealing with Eccleston and St Helens lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Eccleston and St Helens Lease Extension Case Summaries:

Ella, Eccleston and St Helens, Merseyside,

Subsequent to lengthy correspondence with the landlord of her two bedroom apartment in Eccleston and St Helens, Ella commenced the lease extension process just as the lease was approaching the critical 80-year mark. The legal work completed in November 2012. The freeholder’s costs were kept to an absolute minimum.

Eccleston and St Helens case:

Last Spring we were phoned by Mr Luke Sánchez , who took over the lease of a studio flat in Eccleston and St Helens in October 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar homes in Eccleston and St Helens with a long lease were worth £250,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ran out in 2095. Having 69 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including legals.

Eccleston and St Helens case:

Mr and Mrs. T Scott was assigned a lease of a studio flat in Eccleston and St Helens in August 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Eccleston and St Helens with a long lease were worth £290,000. The mid-range amount of ground rent was £60 collected monthly. The lease finished in 2106. Given that there were 80 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.