Top reasons for Lancaster lease extension

Main reasons to commence your Lancaster lease extension today:

Increase your lease and increase your Lancaster property value

Lancaster leases on residential properties are gradually losing value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease dips lower than eighty years - otherwise a higher amount will be payable. Leasehold owners in Lancaster will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold properties in Lancaster with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that plenty of flats in Lancaster were created in the fifties, sixties and seventies 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 Lancaster?

Irrespective of whether you are a tenant or a landlord in Lancaster,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Lancaster valuers.

Lancaster Lease Extension Case Studies:

Callum, Lancaster, Lancashire

In 2014 Callum, came seriously near to the eighty-year threshold with the lease on his first floor flat in Lancaster. In buying his flat 19 years ago, the unexpired term was of minimal concern. As luck would have it, he recognised he needed to take steps soon on Extending the lease. Callum was able to extend his lease at the eleventh hour in March. Callum and the freeholder in the end settled on an amount of £5,000 . If he had missed the deadline, the amount would have gone up by a minimum £875.

Lancaster case:

Mrs Jennifer Rodríguez acquired a garden flat in Lancaster in April 2012. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Similar residencies in Lancaster with 100 year plus lease were in the region of £290,000. The average ground rent payable was £45 collected every twelve months. The lease expiry date was in 2098. Considering the 72 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.

Lancaster case:

Last March we were called by Mr and Mrs. S Rose , who owned a one bedroom flat in Lancaster in June 1999. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Identical residencies in Lancaster with a long lease were worth £235,600. The mid-range ground rent payable was £60 collected per annum. The lease concluded on 24 November 2088. Having 62 years as a residual term we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.