Top reasons for Ireleth and Askam lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ireleth and Askam property value

On the balance of probabilities where you own a flat in Ireleth and Askam you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Ireleth and Askam with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Banks and building societies are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Ireleth and Askam were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Ireleth and Askam?

Lease extensions in Ireleth and Askam can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

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 dealing with Ireleth and Askam lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ireleth and Askam Lease Extension Example Cases:

Yasmin, Ireleth and Askam, Cumbria,

Trailing unsuccessful discussions with the freeholder of her first floor flat in Ireleth and Askam, Yasmin started the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension was concluded in February 2007. The freeholder’s costs were negotiated to under 600 pounds.

Ireleth and Askam case:

In 2014 we were phoned by Mrs Rhiannon Reed who, having bought a first floor apartment in Ireleth and Askam in July 2011. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable premises in Ireleth and Askam with 100 year plus lease were valued around £265,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded in 2099. Taking into account 73 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.

Ireleth and Askam case:

In 2012 we were approached by Mrs A Taylor who, having owned a first floor flat in Ireleth and Askam in May 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar homes in Ireleth and Askam with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 billed yearly. The lease ran out in 2079. Given that there were 53 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including expenses.