Top reasons for Edge Hill lease extension

Why you should commence your Edge Hill lease extension today:

Increase your lease and increase your Edge Hill property value

The market value of Edge Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is below than 80 years

An extended lease has roughly the same value as a freehold

Leasehold properties in Edge Hill with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Edge Hill if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but generally theyrequire an unexpired term of at least 65 years.

Get in touch with one of our Edge Hill lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Edge Hill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Edge Hill valuers.

Edge Hill Lease Extension Case Studies:

Luke, Edge Hill, Merseyside,

Luke owned a 2 bedroom flat in Edge Hill being marketed with a lease of just over 72 years unexpired. Luke on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Luke to invoke his statutory right. Luke obtained expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Edge Hill case:

In 2012 we were called by Dr Seth Moreau who, having bought a garden flat in Edge Hill in September 1997. The dilemma was if we could estimate the premium would likely be to extend the lease by ninety years. Comparative homes in Edge Hill with a long lease were worth £210,600. The mid-range ground rent payable was £45 invoiced every twelve months. The lease concluded on 8 June 2088. Considering the 62 years remaining we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including expenses.

Edge Hill case:

Mr and Mrs. O Roberts bought a first floor flat in Edge Hill in May 2010. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Comparative flats in Edge Hill with an extended lease were worth £265,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease lapsed in 2099. Given that there were 73 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.