Why you should start your Helsby lease extension

Main reasons to start your Helsby lease extension today:

A Helsby lease depreciates with the years remaining on the lease.

For those whose Helsby flat is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Helsby property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not grant a mortgage with a short lease

Most banks and building societies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Helsby property being difficult to dispose of or to obtain finance on.

What makes us experts in Helsby lease extensions?

Irrespective of whether you are a tenant or a landlord in Helsby,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Helsby valuers.

Helsby Lease Extension Example Cases:

Arthur, Helsby, Cheshire,

Arthur was the the leasehold proprietor of a studio apartment in Helsby on the market with a lease of just over fifty eight years unexpired. Arthur informally approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Arthur to invoke his statutory right. Arthur procured expert advice and secured an acceptable resolution informally and readily saleable.

Helsby case:

Mr and Mrs. D Girard moved into a recently refurbished flat in Helsby in April 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative properties in Helsby with a long lease were in the region of £198,800. The average ground rent payable was £55 billed yearly. The lease elapsed in 2081. Given that there were 55 years unexpired we calculated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus fees.

Helsby case:

Mr and Mrs. R Simon moved into a first floor flat in Helsby in February 1997. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparative premises in Helsby with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 billed monthly. The lease came to a finish on 4 January 2101. Considering the 75 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.