Top reasons for Greasby lease extension

Main reasons to commence your Greasby lease extension today:

A Greasby leasehold property depreciates with the years remaining on the lease.

Unfortunately that a Greasby residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Greasby property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be payable. Most flat owners in Greasby will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold premises in Greasby with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not grant a mortgage with a short lease

Lending institutions have specific criteria when lending funds charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Greasby home.

Why use us for your lease extension in Greasby?

Retaining our service gives you increased control over the value of your Greasby leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Greasby Lease Extension Example Cases:

Catherine, Greasby, Merseyside,

Trailing unsuccessful negotiations with the landlord of her one bedroom flat in Greasby, Catherine commenced the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work completed in February 2013. The freeholder’s fees were kept to an absolute minimum.

Greasby case:

In 2009 we were approached by Dr N Wilson who, having took over the lease of a recently refurbished flat in Greasby in July 2011. The question was if we could estimate the price would be to prolong the lease by ninety years. Comparable homes in Greasby with a long lease were in the region of £265,000. The average amount of ground rent was £55 collected quarterly. The lease termination date was on 14 January 2100. Having 74 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Greasby case:

In 2012 we were phoned by Dr W Gunderson who, having was assigned a lease of a studio apartment in Greasby in August 1998. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Similar homes in Greasby with an extended lease were valued around £166,400. The mid-range amount of ground rent was £60 billed every twelve months. The lease ended in 2080. Having 54 years remaining we calculated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 exclusive of costs.