Why you should commence your Heswall lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Heswall lease terms. Heswall leaseholds that have a lease term fewer than 80 years will drop in market price at a rapid rate, and the cost of extending your lease will increase.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Most high street banks are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Heswall were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Get in touch with one of our Heswall lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Heswall 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.

Heswall Lease Extension Case Studies:

Ryan, Heswall, Merseyside

Last October Ryan, started to get close to the 80-year mark with the lease on his garden flat in Heswall. In buying his property twenty years previously, the lease term was of little importance. by good luck, he noticed he would imminently be paying way over the odds for a lease extension. Ryan arranged for a lease extension at the eleventh hour in March. Ryan and the landlord subsequently settled on the final figure of £6,000 . If he not met the deadline, the amount would have increased by a minimum £925.

Heswall case:

Last Winter we were called by Mr R Adams , who completed a one bedroom flat in Heswall in November 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparative flats in Heswall with 100 year plus lease were in the region of £235,200. The average amount of ground rent was £45 invoiced monthly. The lease finished on 9 April 2092. Considering the 66 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including legals.

Heswall case:

In 2011 we were phoned by Mr and Mrs. H Lefèvre who, having purchased a one bedroom flat in Heswall in January 2011. The dilemma was if we could estimate the price would be for a ninety year lease extension. Comparable homes in Heswall with an extended lease were worth £275,000. The average ground rent payable was £55 collected monthly. The lease ended on 18 August 2103. Taking into account 77 years remaining we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 not including expenses.