Top reasons for Leeswood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leeswood property value

The market value of Leeswood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Leeswood with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property with a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term slips below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Leeswood property.

Why use us for your lease extension in Leeswood?

Lease extensions in Leeswood can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.

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

Leeswood Lease Extension Example Cases:

Riley, Leeswood, Flintshire,

Riley was the the leasehold proprietor of a studio apartment in Leeswood on the market with a lease of a few days over 59 years unexpired. Riley on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Riley to exercise his statutory right. Riley procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Leeswood case:

Last year we were e-mailed by Mr Jude Roux , who bought a one bedroom flat in Leeswood in May 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Leeswood with an extended lease were in the region of £216,000. The average ground rent payable was £60 invoiced monthly. The lease expired in 2084. Given that there were 58 years left we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including costs.

Leeswood case:

In 2011 we were e-mailed by Dr U Cox who, having acquired a studio flat in Leeswood in March 2006. The question was if we could approximate the premium could be for a 90 year lease extension. Comparable flats in Leeswood with an extended lease were valued around £200,000. The average ground rent payable was £50 billed every twelve months. The lease finished on 24 October 2104. Considering the 78 years left we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.