Why you should start your Everton lease extension

Main reasons to commence your Everton lease extension today:

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

The only way is down when it comes to Everton lease terms. Everton leaseholds that have a residual term lower than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years left once the mortgage has expired. Considering many flats in Everton were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Everton can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 procuring Everton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Everton Lease Extension Case Summaries:

Arthur, Everton, Merseyside

Two years ago Arthur, came very close to the 80-year mark with the lease on his studio flat in Everton. Having purchased his home two decades ago, the unexpired term was of minimal significance. by good luck, he realised he would soon be paying an inflated amount for Extending the lease. Arthur extended the lease at the eleventh hour last September. Arthur and the freeholder via the managing agents in the end settled on sum of £5,500 . If the lease had descended to less than 80 years, the amount would have become more costly by at least £1,050.

Everton case:

In 2012 we were phoned by Mr K Ramírez who, having bought a one bedroom flat in Everton in November 2006. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Everton with 100 year plus lease were in the region of £265,000. The average amount of ground rent was £50 billed annually. The lease expired on 3 March 2099. Taking into account 73 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Everton case:

Last Autumn we were contacted by Mr Jason López , who moved into a first floor apartment in Everton in July 1995. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Comparative flats in Everton with a long lease were worth £264,000. The average amount of ground rent was £60 billed yearly. The lease expired in 2079. Given that there were 53 years remaining we approximated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 plus professional charges.