Main reasons to start your Longton lease extension

Main reasons to commence your Longton lease extension today:

Increase your lease and increase your Longton property value

Chances are that where you own a flat in Longton you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Longton with more than one hundred years unexpired 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 to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may not finance a property with a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As many flats in Longton were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

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

Engaging our service gives you enhanced control over the value of your Longton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Longton Lease Extension Example Cases:

Rory, Longton, Staffordshire,

Rory was the the leasehold proprietor of a 2 bedroom flat in Longton being marketed with a lease of just over fifty eight years unexpired. Rory informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory obtained expert legal guidance and secured satisfactory resolution informally and sell the flat.

Longton case:

Mr and Mrs. F Moore took over the lease of a recently refurbished apartment in Longton in September 2007. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical homes in Longton with an extended lease were valued about £193,400. The average ground rent payable was £65 billed quarterly. The lease lapsed in 2085. Having 59 years remaining we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 plus expenses.

Longton case:

Last year we were called by Dr Katherine Campbell , who bought a basement apartment in Longton in August 1996. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable properties in Longton with a long lease were valued about £255,000. The average amount of ground rent was £50 billed yearly. The lease finished in 2096. Taking into account 70 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.