Maghull Lease Extension - Free Consultation

Get a Quote

Before you progress with your lease extension in Maghull
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to commence your Maghull lease extension

Main reasons to commence your Maghull lease extension today:

A Maghull lease depreciates with the years remaining on the lease.

Chances are that if you own a flat in Maghull you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Maghull with more than one hundred years left 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 property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not grant a mortgage with a short lease

Banks and building societies are distinct in their lending requirements. Some set the bar at seventy five years outstanding on the lease; others may be content with anything with more than 70 years. Below 60 years, it may be challenging to obtain a mortgage at all.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Bank of Scotland Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Maghull?

Engaging our service gives you better control over the value of your Maghull leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Maghull Lease Extension Example Cases:

Archie, Maghull, Merseyside

Two years ago Archie, started to get near to the 80-year mark with the lease on his first floor apartment in Maghull. Having purchased his home two decades ago, the unexpired term was of no bearing. Fortunately, he recognised he would imminently be paying way over the odds for Extending the lease. Archie extended the lease just in the nick of time in July. Archie and the landlord subsequently settled on the final figure of £6,000 . If he had missed the deadline, the figure would have increased by a minimum £900.

Maghull case:

Ms U Petit was assigned a lease of a ground floor flat in Maghull in July 1997. The dilemma was if we could approximate the price could be to extend the lease by 90 years. Comparative premises in Maghull with an extended lease were worth £227,800. The average ground rent payable was £45 billed monthly. The lease expiry date was on 9 May 2090. Having 65 years left we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus expenses.

Maghull case:

Last Christmas we were contacted by Mr and Mrs. J Torres , who acquired a one bedroom flat in Maghull in January 1997. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative properties in Maghull with 100 year plus lease were in the region of £275,000. The average ground rent payable was £55 invoiced every twelve months. The lease terminated in 2101. Having 76 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.