Why you should commence your Garston lease extension

Why you should start your Garston lease extension today:

Increase your lease and increase your Garston property value

Garston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Garston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Garston you really ought to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

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

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

Lending institutions may not loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone wanting to purchase your property in the future might well do, so if they are not able to obtain a mortgage, then the value of your property will likely be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Garston lease extensions?

The lawyers that we work with procure Garston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Garston Lease Extension Example Cases:

Connor, Garston, Merseyside

18 months ago Connor, started to get close to the eighty-year mark with the lease on his first floor apartment in Garston. In buying his property two decades ago, the lease term was of minimal relevance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Connor arranged for a lease extension just ahead of time last June. Connor and the freeholder ultimately settled on the final figure of £6,000 . If he had missed the deadline, the figure would have increased by a minimum £925.

Garston case:

Mrs Lauren Peterson took over the lease of a basement apartment in Garston in June 2006. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by an additional years. Similar flats in Garston with 100 year plus lease were in the region of £216,000. The average amount of ground rent was £60 collected annually. The lease ran out on 9 February 2084. Given that there were 58 years outstanding we estimated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of fees.

Garston case:

Dr I Allen owned a one bedroom apartment in Garston in March 1996. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable residencies in Garston with a long lease were valued around £205,000. The average amount of ground rent was £50 billed annually. The lease lapsed in 2104. Considering the 78 years outstanding we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.