Main reasons to commence your Grassendale lease extension

Main reasons to start your Grassendale lease extension today:

Increase your lease and increase your Grassendale property value

The value of Grassendale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than eighty years

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

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Banks and building societies are tightening their criteria and many now want flats to have at least 60 if not 70 years left at the end of the mortgage. Given that many flats in Grassendale were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Grassendale?

The conveyancers that we work with handle Grassendale 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.

Grassendale Lease Extension Case Studies:

Muhammad, Grassendale, Merseyside

16 months ago Muhammad, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Grassendale. Having purchased his flat 19 years ago, the length of the lease was of minimal concern. Fortunately, he became aware that he needed to take action soon on Extending the lease. Muhammad arranged for a lease extension just ahead of time last June. Muhammad and the landlord eventually settled on sum of £5,500 . If he had missed the deadline, the sum would have increased by at least £875.

Grassendale case:

Last May we were contacted by Dr W Norbert , who took over the lease of a ground floor flat in Grassendale in July 2008. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparative premises in Grassendale with a long lease were in the region of £295,000. The average amount of ground rent was £45 invoiced per annum. The lease lapsed in 2100. Considering the 74 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.

Grassendale case:

Dr N Taylor moved into a one bedroom apartment in Grassendale in June 1998. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable premises in Grassendale with a long lease were valued around £248,000. The average ground rent payable was £65 collected yearly. The lease elapsed in 2089. Taking into account 63 years remaining we estimated the premium to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of legals.