Top reasons for Lymm and Warburton lease extension

Main reasons to commence your Lymm and Warburton lease extension today:

Increase your lease and increase your Lymm and Warburton property value

The value of Lymm and Warburton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is below than 80 years

Lymm and Warburton property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend with a short lease

Mortgage companies do not lend on short residential leases. You are likely to experience difficulties where you want to sell your flat in Lymm and Warburton if the remaining term of your lease is below the criteria set by most banks and building societies. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Lymm and Warburton?

The conveyancing solicitors that we work with undertake Lymm and Warburton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Lymm and Warburton Lease Extension Example Cases:

Abbie, Lymm and Warburton, Cheshire,

Off the back of lengthy negotiations with the landlord of her purpose-built apartment in Lymm and Warburton, Abbie started the lease extension process just as her lease was coming close to the all-important eighty-year mark. The transaction was finalised in August 2014. The landlord’s costs were kept to an absolute minimum.

Lymm and Warburton case:

In 2009 we were approached by Mr and Mrs. S Lefèvre who, having bought a newly refurbished apartment in Lymm and Warburton in September 2000. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Lymm and Warburton with an extended lease were valued around £216,000. The average ground rent payable was £60 invoiced monthly. The lease ended in 2084. Considering the 58 years left we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including fees.

Lymm and Warburton case:

Last March we were approach by Ms V Robinson , who bought a ground floor apartment in Lymm and Warburton in January 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative flats in Lymm and Warburton with 100 year plus lease were worth £205,000. The average ground rent payable was £50 billed quarterly. The lease concluded in 2104. Having 78 years unexpired we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.