Main reasons to start your Middleton lease extension

Main reasons to start your Middleton lease extension today:

A Middleton leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Middleton can extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Middleton lease extension. Postponing that expense today simply escalates the premium you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Middleton with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This may cause difficulties once you come to market or refinance your flat as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your purchaser will need to wait two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Middleton?

The lawyers that we work with handle Middleton 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 lawyer we work with provide it.

Middleton Lease Extension Case Summaries:

Freya, Middleton, Leeds,

After unsuccessful correspondence with the freeholder of her purpose-built apartment in Middleton, Freya started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction was finalised in July 2009. The landlord’s fees were negotiated to a tad over 450 GBP.

Middleton case:

In 2009 we were phoned by Ms W David who, having bought a first floor apartment in Middleton in June 2006. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Similar homes in Middleton with an extended lease were worth £166,400. The mid-range ground rent payable was £60 collected every twelve months. The lease expired on 27 June 2080. Considering the 54 years left we calculated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 exclusive of fees.

Middleton case:

Mr and Mrs. P Girard purchased a first floor apartment in Middleton in October 2009. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Comparative homes in Middleton with an extended lease were worth £227,800. The average ground rent payable was £45 invoiced quarterly. The lease terminated on 26 June 2091. Considering the 65 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.