Why you should start your Halewood lease extension

Main reasons to commence your Halewood lease extension today:

Increase your lease and increase your Halewood property value

The only way is down when it comes to Halewood lease terms. Halewood leaseholds that have a remaining term fewer than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold premises in Halewood with over one hundred 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Many mortgage companies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Halewood property becoming difficult to dispose of or refinance.

What makes us experts in Halewood lease extensions?

Lease extensions in Halewood can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Halewood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Halewood Lease Extension Example Cases:

Tyler, Halewood, Merseyside

Last October Tyler, started to get close to the 80-year threshold with the lease on his studio flat in Halewood. Having purchased his flat two decades ago, the length of the lease was of no importance. by good luck, he recognised he needed to take steps soon on a lease extension. Tyler was able to extend his lease just under the wire last May. Tyler and the freeholder via the managing agents ultimately agreed on a premium of £5,000 . If the lease had descended below eighty years, the premium would have increased by at least £925.

Halewood case:

Last Spring we were contacted by Mr and Mrs. H Smith , who owned a garden apartment in Halewood in January 2011. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in Halewood with a long lease were worth £225,800. The mid-range amount of ground rent was £60 collected per annum. The lease lapsed in 2086. Having 60 years remaining we calculated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 exclusive of legals.

Halewood case:

In 2012 we were contacted by Dr G Roux who, having moved into a recently refurbished flat in Halewood in March 1995. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Identical residencies in Halewood with a long lease were in the region of £210,000. The average amount of ground rent was £50 billed yearly. The lease finished on 20 September 2106. Having 80 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.