Main reasons to commence your Helsby lease extension

Top reasons for lease extension now:

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

As the length of the unexpired term of a Helsby domestic lease decreases so does its value and therefore the value of your property. If the lease has, more than one hundred years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Helsby will qualify for this right; nevertheless a conveyancing solicitor can advise whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Helsby with in excess of 100 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 property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Given that many flats in Helsby were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Helsby lease extensions?

The conveyancers that we work with undertake Helsby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Helsby Lease Extension Example Cases:

Arthur, Helsby, Cheshire,

Arthur owned a 2 bedroom flat in Helsby on the market with a lease of a little over 72 years left. Arthur informally contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Arthur to exercise his statutory right. Arthur obtained expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Helsby case:

Last Autumn we were phoned by Dr T Hill , who moved into a purpose-built apartment in Helsby in January 1995. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Helsby with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 collected monthly. The lease expired in 2101. Taking into account 75 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus expenses.

Helsby case:

Ms F Ward moved into a one bedroom flat in Helsby in May 2005. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparative residencies in Helsby with an extended lease were worth £250,400. The mid-range ground rent payable was £65 invoiced yearly. The lease end date was on 3 August 2090. Considering the 64 years remaining we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 exclusive of fees.