Top reasons for Fulwood lease extension

Why you should commence your Fulwood lease extension today:

Increase your lease and increase your Fulwood property value

Fulwood residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Lenders are really restricting their approach as regards to properties in Fulwood with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the number of prospective buyers.

Why use us for your lease extension in Fulwood?

Engaging our service will provide you better control over the value of your Fulwood leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Fulwood Lease Extension Example Cases:

Liam, Fulwood, South Yorkshire

In recent months Liam, came critically close to the eighty-year threshold with the lease on his ground floor apartment in Fulwood. Having purchased his home twenty years ago, the lease term was of no interest. by good luck, he became aware that he would soon be paying way over the odds for Extending the lease. Liam arranged for a lease extension just ahead of time last April. Liam and the freeholder via the managing agents eventually settled on a premium of £5,000 . If the lease had fallen to less than 80 years, the price would have increased by at least £1,125.

Fulwood case:

Last Spring we were approach by Mrs Molly Nguyen , who took over the lease of a ground floor apartment in Fulwood in January 2008. The dilemma was if we could approximate the price would likely be to extend the lease by a further 90 years. Identical homes in Fulwood with an extended lease were valued about £242,600. The average amount of ground rent was £45 invoiced per annum. The lease lapsed on 18 November 2093. Having 67 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of legals.

Fulwood case:

Last year we were e-mailed by Dr Archie James , who acquired a basement apartment in Fulwood in August 2001. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Comparative residencies in Fulwood with 100 year plus lease were worth £280,000. The average amount of ground rent was £55 billed quarterly. The lease ran out on 12 May 2104. Given that there were 78 years outstanding we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus expenses.