Top reasons for Edge Hill lease extension

Why you should start your Edge Hill lease extension today:

Increase your lease and increase your Edge Hill property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Edge Hill. Inevitably, the term of lease left shortens over time. This is often overlooked and only becomes a problem when the residence needs to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Edge Hill have the right to extend the lease for an additional 90 years under statute. Do give careful attention before delaying your Edge Hill lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Lending institutions have set criteria when loaning funds charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops below a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to refinance your Edge Hill property.

What makes us experts in Edge Hill lease extensions?

The lawyers that we work with undertake Edge Hill 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 conveyancing solicitor we work with provide it.

Edge Hill Lease Extension Case Studies:

Bethany, Edge Hill, Merseyside,

After protracted correspondence with the landlord of her garden apartment in Edge Hill, Bethany initiated the lease extension process as the 80 year mark was fast coming. The transaction was finalised in November 2006. The freeholder’s costs were kept to an absolute minimum.

Edge Hill case:

Last year we were called by Mr V Mitchell , who moved into a basement apartment in Edge Hill in May 2002. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Similar homes in Edge Hill with 100 year plus lease were valued around £255,000. The average amount of ground rent was £50 invoiced quarterly. The lease termination date was in 2096. Taking into account 70 years unexpired we approximated the premium to the landlord to extend the lease to be within £10,500 and £12,000 not including fees.

Edge Hill case:

In 2011 we were phoned by Mrs Phoebe Jackson who, having purchased a one bedroom apartment in Edge Hill in May 2003. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Comparative flats in Edge Hill with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 billed per annum. The lease concluded on 12 April 2076. Having 50 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of professional charges.