Main reasons to start your Everton lease extension

Why you should start your Everton lease extension today:

Increase your lease and increase your Everton property value

With a residential leasehold premises in Everton, you are actually buying an entitlement to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are fewer than eighty years left. Anyone in Everton with a lease nearing 81 years unexpired should seriously consider extending it as soon as possible. When the lease term has under 80 years left, under the relevant statute the landlord can calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.

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

Leasehold premises in Everton with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may not lend on a short lease

Almost all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of the property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Everton?

Lease extensions in Everton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor 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 in-depth market knowledge dealing with 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 Studies:

Amy, Everton, Merseyside,

After lengthy negotiations with the freeholder of her garden flat in Everton, Amy started the lease extension process as the 80 year threshold was fast coming. The lease extension was concluded in September 2005. The freeholder’s fees were kept to an absolute minimum.

Everton case:

Dr N García bought a newly refurbished flat in Everton in January 2005. The question was if we could approximate the price would likely be for a 90 year lease extension. Similar premises in Everton with 100 year plus lease were valued about £183,600. The average ground rent payable was £65 collected monthly. The lease lapsed in 2083. Taking into account 57 years left we estimated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus costs.

Everton case:

Last Summer we were approach by Mr U Laurent , who owned a ground floor flat in Everton in March 2010. The question was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Similar properties in Everton with a long lease were valued about £245,000. The average ground rent payable was £50 collected monthly. The lease termination date was on 12 August 2094. Given that there were 68 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.