Top reasons for Great Harwood lease extension

Why you should start your Great Harwood lease extension today:

Increase your lease and increase your Great Harwood property value

As the length of the unexpired term of a Great Harwood domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over 99 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending without delay. The majority of flat owners in Great Harwood will meet the qualifying criteria; nevertheless a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Many banks and building societies will be unwilling to lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Great Harwood property becoming difficult to sell or remortgage.

Why use us for your lease extension in Great Harwood?

Irrespective of whether you are a tenant or a landlord in Great Harwood,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Great Harwood valuers.

Great Harwood Lease Extension Case Summaries:

Caitlin, Great Harwood, Lancashire,

Off the back of protracted correspondence with the freeholder of her one bedroom apartment in Great Harwood, Caitlin commenced the lease extension process just as her lease was nearing the critical eighty-year mark. The legal work was finalised in August 2014. The landlord’s charges were negotiated to about 500 pounds.

Great Harwood case:

Last Spring we were called by Mr and Mrs. F Leroy , who acquired a studio flat in Great Harwood in May 2004. The dilemma was if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable residencies in Great Harwood with an extended lease were valued about £225,400. The average amount of ground rent was £45 billed yearly. The lease concluded in 2090. Considering the 64 years remaining we approximated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 plus costs.

Great Harwood case:

Last Autumn we were approach by Ms Millie Martínez , who moved into a ground floor flat in Great Harwood in October 2009. The question was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable flats in Great Harwood with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 billed per annum. The lease lapsed in 2101. Considering the 75 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.