Top reasons for Knotty Ash lease extension

Top reasons for lease extension now:

Increase your lease and increase your Knotty Ash property value

The nearer a residential lease in Knotty Ash gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner as opposed to later. Many flat owners in Knotty Ash will qualify for this right; nevertheless a conveyancer can advise whether you are eligible to extend your lease. 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.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Considering plenty of flats in Knotty Ash were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Knotty Ash?

Lease extensions in Knotty Ash can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience procuring Knotty Ash lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Knotty Ash Lease Extension Case Studies:

Anna, Knotty Ash, Merseyside,

Off the back of unsuccessful discussions with the landlord of her two bedroom flat in Knotty Ash, Anna started the lease extension process as the eighty year deadline was quickly approaching. The legal work was finalised in June 2014. The landlord’s costs were negotiated to below 700 GBP.

Knotty Ash case:

Last October we were approach by Ms Courtney Edwards , who moved into a newly refurbished flat in Knotty Ash in January 2005. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Similar properties in Knotty Ash with 100 year plus lease were worth £213,600. The average ground rent payable was £60 billed monthly. The lease ended in 2083. Given that there were 57 years left we estimated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including legals.

Knotty Ash case:

Last Christmas we were called by Mr A Brown , who bought a first floor apartment in Knotty Ash in November 1997. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical homes in Knotty Ash with a long lease were valued about £200,000. The average ground rent payable was £50 billed annually. The lease concluded in 2103. Considering the 77 years outstanding we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.