Why you should commence your Mossley Hill lease extension

Top reasons for lease extension now:

A Mossley Hill lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Mossley Hill. Clearly, the length of lease left reduces over time. This may pass by relatively unnoticed when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to procure a lease extension. Qualifying leaseholders in Mossley Hill have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Do give due attention before putting off your Mossley Hill lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

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

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property on a short lease

Lenders will not grant a mortgage on short residential leases. You most probably experience difficulties where you wish to sell your flat in Mossley Hill if the remaining lease term is below the criteria set by the majority of banks and building societies. Different lenders have different requirements but generally they are looking for a minimum remaining lease term of 65 years.

Get in touch with one of our Mossley Hill lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you increased control over the value of your Mossley Hill leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Mossley Hill Lease Extension Case Summaries:

Jodie, Mossley Hill, Merseyside,

Trailing lengthy discussions with the freeholder of her basement flat in Mossley Hill, Jodie started the lease extension process just as the lease was coming close to the crucial 80-year threshold. The legal work was finalised in July 2009. The landlord’s fees were restricted to under 600 pounds.

Mossley Hill case:

Dr C Peterson was assigned a lease of a one bedroom flat in Mossley Hill in July 2012. We are asked if we could approximate the premium would be for a 90 year lease extension. Identical properties in Mossley Hill with 100 year plus lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ended on 16 September 2103. Having 77 years remaining we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.

Mossley Hill case:

Mrs T François acquired a ground floor flat in Mossley Hill in September 2009. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable homes in Mossley Hill with 100 year plus lease were in the region of £265,200. The average amount of ground rent was £65 invoiced quarterly. The lease expiry date was on 10 May 2092. Given that there were 66 years left we approximated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus fees.