Top reasons for Maghull lease extension

Top reasons for lease extension now:

Increase your lease and increase your Maghull property value

Maghull leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Maghull residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Maghull you would be well advised to investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Maghull flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is actioned without delay

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

Leasehold premises in Maghull with more than 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may not finance a property with a short lease

Mortgage companies are really clamping down as regards to homes in Maghull with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of prospective buyers.

What makes us experts in Maghull lease extensions?

Lease extensions in Maghull can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in this area.

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

Maghull Lease Extension Example Cases:

Leah, Maghull, Merseyside,

In the wake of 9 months of protracted discussions with the freeholder of her two bedroom apartment in Maghull, Leah initiated the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work was concluded in August 2012. The freeholder’s charges were kept to an absolute minimum.

Maghull case:

Last November we were contacted by Ms Natasha Ramírez , who completed a garden apartment in Maghull in April 2008. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical flats in Maghull with an extended lease were worth £254,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease terminated on 22 May 2077. Given that there were 51 years left we approximated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of legals.

Maghull case:

Mr T Cooper bought a one bedroom flat in Maghull in September 2004. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical flats in Maghull with a long lease were valued around £210,600. The average amount of ground rent was £45 billed every twelve months. The lease elapsed on 10 July 2088. Given that there were 62 years unexpired we approximated the premium to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of expenses.