Top reasons for Mobberley lease extension

Why you should start your Mobberley lease extension today:

Increase your lease and increase your Mobberley property value

Mobberley 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 the lease gets more expensive. It is the case that most Mobberley tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Mobberley you would be well advised to see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not grant a mortgage with a short lease

Almost all mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone wishing to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Mobberley?

Engaging our service will provide you increased control over the value of your Mobberley leasehold, as your property will be more valuable and marketable in terms 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.

Mobberley Lease Extension Case Summaries:

Oliver, Mobberley, Cheshire

During the course of the last few months Oliver, came dangerously near to the eighty-year threshold with the lease on his leasehold flat in Mobberley. In buying his home twenty years previously, the unexpired term was of minimal relevance. As luck would have it, he realised he needed to take steps soon on Extending the lease. Oliver extended the lease just in the nick of time last March. Oliver and the landlord in the end settled on sum of £5,000 . If the lease had fallen lower than eighty years, the premium would have escalated by a minimum £900.

Mobberley case:

In 2009 we were approached by Dr Jamie Bell who, having was assigned a lease of a one bedroom apartment in Mobberley in July 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical premises in Mobberley with an extended lease were worth £275,000. The mid-range ground rent payable was £65 invoiced monthly. The lease ran out in 2094. Considering the 68 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.

Mobberley case:

In 2011 we were phoned by Mrs Freya Campbell who, having acquired a recently refurbished flat in Mobberley in June 1995. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable homes in Mobberley with a long lease were worth £208,600. The mid-range ground rent payable was £60 collected annually. The lease end date was in 2083. Having 57 years unexpired we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.