Why you should start your Milnthorpe lease extension

Main reasons to start your Milnthorpe lease extension today:

Increase your lease and increase your Milnthorpe property value

On the balance of probabilities if you own a flat in Milnthorpe you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Milnthorpe with more than 100 years left on the lease are sometimes regarded as a ‘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 buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders may not lend with a short lease

Many mortgage companies will not lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Milnthorpe property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Milnthorpe?

Lease extensions in Milnthorpe can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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

Milnthorpe Lease Extension Case Summaries:

Gemma, Milnthorpe, Cumbria,

Subsequent to protracted correspondence with the landlord of her two bedroom flat in Milnthorpe, Gemma commenced the lease extension process as the 80 year mark was swiftly coming. The legal work was concluded in July 2009. The freeholder’s charges were restricted to less than 450 pounds.

Milnthorpe case:

Mr and Mrs. P Bertrand acquired a purpose-built apartment in Milnthorpe in June 1997. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative residencies in Milnthorpe with an extended lease were worth £216,000. The average ground rent payable was £60 collected every twelve months. The lease ended on 6 April 2084. Considering the 58 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.

Milnthorpe case:

In 2014 we were contacted by Mr and Mrs. W Kelly who, having owned a one bedroom flat in Milnthorpe in March 2007. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Similar properties in Milnthorpe with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish on 12 March 2104. Given that there were 78 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.