Top reasons for Grappenhall lease extension

Main reasons to start your Grappenhall lease extension today:

Increase your lease and increase your Grappenhall property value

Grappenhall leases on residential deteriorating in value. Where your lease has about ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher premium will be payable. Flat owners in Grappenhall will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

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

Leasehold properties in Grappenhall with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

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

Almost all mortgage companies will not grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Grappenhall property being difficult to dispose of or remortgage.

What makes us experts in Grappenhall lease extensions?

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

Grappenhall Lease Extension Case Studies:

Harvey, Grappenhall, Cheshire,

Harvey owned a conversion flat in Grappenhall on the market with a lease of just over 72 years left. Harvey on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Harvey to exercise his statutory right. Harvey procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Grappenhall case:

Dr Nicole Wright moved into a ground floor apartment in Grappenhall in October 2004. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparative premises in Grappenhall with a long lease were valued around £183,600. The mid-range ground rent payable was £65 billed every twelve months. The lease finished in 2083. Considering the 57 years unexpired we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.

Grappenhall case:

In 2012 we were approached by Mrs Daisy Bernard who, having acquired a studio flat in Grappenhall in March 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by a further 90 years. Identical flats in Grappenhall with a long lease were worth £245,000. The average ground rent payable was £50 invoiced every twelve months. The lease finished on 18 January 2094. Having 68 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.