Why you should start your Eccleston lease extension

Main reasons to start your Eccleston lease extension today:

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

Eccleston leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Eccleston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Eccleston you should see if your lease has between seventy and ninety years remaining. There are good reasons why a Eccleston leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

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

Leasehold properties in Eccleston with more than one hundred years left on the lease are sometimes 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 upside in buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Eccleston were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Eccleston lease extensions?

Retaining our service will provide you enhanced control over the value of your Eccleston leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eccleston Lease Extension Example Cases:

Max, Eccleston, Merseyside

Last October Max, started to get close to the 80-year threshold with the lease on his ground floor apartment in Eccleston. In buying his flat twenty years previously, the unexpired term was of no interest. by good luck, it dawned on him that he would imminently be paying an inflated amount for Extending the lease. Max extended the lease at the eleventh hour in August. Max and the freeholder in the end agreed on a premium of £5,000 . If the lease had descended lower than eighty years, the amount would have increased by at least £1,075.

Eccleston case:

Last Winter we were e-mailed by Mr and Mrs. U Young , who completed a garden apartment in Eccleston in January 2008. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Identical homes in Eccleston with an extended lease were in the region of £191,000. The average ground rent payable was £65 invoiced per annum. The lease termination date was in 2084. Having 58 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.

Eccleston case:

In 2012 we were approached by Mr Finley Khan who, having completed a purpose-built apartment in Eccleston in September 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Comparative homes in Eccleston with an extended lease were in the region of £250,000. The average ground rent payable was £50 billed annually. The lease finished on 15 February 2095. Given that there were 69 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.