Top reasons for Fleetwood lease extension

Main reasons to commence your Fleetwood lease extension today:

Increase your lease and increase your Fleetwood property value

When it comes to long leasehold premises in Fleetwood, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years left. Anyone in Fleetwood with a lease nearing 81 years remaining should seriously consider extending it without delay. When a lease has less than eighty years outstanding, under the relevant statute the landlord is entitled to calculate and levy a greater amount, assessed on a technical computation, known as “marriage value” which is payable.

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

Leasehold premises in Fleetwood with over 100 years remaining on the lease are often 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to loan monies on a short lease

Lending institutions have specific criteria when lending funds charged on leasehold homes. Some will simply refuse lend at all once an unexpired lease term goes below a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Fleetwood property.

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

Irrespective of whether you are a tenant or a landlord in Fleetwood,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Fleetwood valuers.

Fleetwood Lease Extension Case Summaries:

Holly, Fleetwood, Lancashire,

Subsequent to lengthy negotiations with the landlord of her basement flat in Fleetwood, Holly initiated the lease extension process as the 80 year threshold was fast advancing. The lease extension completed in October 2005. The freeholder’s costs were kept to an absolute minimum.

Fleetwood case:

In 2011 we were e-mailed by Dr M Gray who, having moved into a one bedroom flat in Fleetwood in May 2009. The dilemma was if we could approximate the premium would likely be to extend the lease by an additional years. Comparable premises in Fleetwood with an extended lease were worth £264,000. The average ground rent payable was £60 billed every twelve months. The lease came to a finish on 8 May 2079. Considering the 53 years remaining we approximated the compensation to the landlord for the lease extension to be between £37,100 and £42,800 not including professional charges.

Fleetwood case:

Last Spring we were contacted by Mr and Mrs. O Petit , who was assigned a lease of a studio apartment in Fleetwood in January 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar residencies in Fleetwood with a long lease were worth £225,400. The mid-range ground rent payable was £45 invoiced every twelve months. The lease expired in 2090. Considering the 64 years outstanding we approximated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including expenses.