Main reasons to commence your Knutsford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Knutsford property value

For those whose Knutsford home is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not grant a mortgage with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you want to sell your flat in Knutsford if the unexpired lease term is under the criteria set by most lenders. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

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

Engaging our service will provide you better control over the value of your Knutsford leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Knutsford Lease Extension Example Cases:

Oliver, Knutsford, Cheshire,

Oliver owned a high value flat in Knutsford on the market with a lease of a little over fifty eight years outstanding. Oliver on an informal basis spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Knutsford case:

In 2012 we were phoned by Mr and Mrs. G David who, having purchased a first floor flat in Knutsford in November 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Knutsford with 100 year plus lease were valued about £270,000. The mid-range ground rent payable was £55 billed annually. The lease terminated in 2101. Considering the 75 years left we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Knutsford case:

Last Autumn we were e-mailed by Mr L Harris , who owned a recently refurbished apartment in Knutsford in November 2012. We are asked if we could approximate the premium would be to extend the lease by an additional years. Similar flats in Knutsford with a long lease were in the region of £173,800. The mid-range ground rent payable was £60 collected yearly. The lease elapsed in 2081. Given that there were 55 years left we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of costs.