Main reasons to commence your Great Sankey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Great Sankey property value

Chances are that if you own a flat in Great Sankey you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Great Sankey with more than one hundred 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not loan monies on a short lease

Many banks and building societies will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Great Sankey property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Great Sankey lease extensions?

Lease extensions in Great Sankey can be a difficult process. We recommend you get guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Great Sankey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Great Sankey Lease Extension Example Cases:

Jason, Great Sankey, Cheshire,

Jason owned a high value apartment in Great Sankey being marketed with a lease of just over 59 years outstanding. Jason informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Jason to invoke his statutory right. Jason obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the flat.

Great Sankey case:

Dr K Watson purchased a first floor flat in Great Sankey in July 2012. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical flats in Great Sankey with a long lease were valued around £189,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease lapsed on 28 October 2079. Considering the 53 years as a residual term we approximated the premium to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.

Great Sankey case:

In 2012 we were contacted by Dr Riley Rodríguez who, having bought a first floor flat in Great Sankey in May 2007. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparable premises in Great Sankey with an extended lease were worth £290,000. The average ground rent payable was £45 collected monthly. The lease expiry date was on 22 May 2100. Given that there were 74 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.