Why you should start your Northwich lease extension

Main reasons to commence your Northwich lease extension today:

Increase your lease and increase your Northwich property value

The nearer a domestic lease in Northwich nears to zero years unexpired, the more it reduces the value of the property. If the lease has, in excess of 99 years remaining then this decrease may be fractional that being said there will become a stage when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease without delay. Most flat owners in Northwich will qualify for this right; nevertheless a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of the property could be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

The lawyers that we work with undertake Northwich 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 conveyancer we work with provide it.

Northwich Lease Extension Example Cases:

Ibrahim, Northwich, Cheshire,

Ibrahim owned a high value flat in Northwich on the market with a lease of fraction over fifty eight years left. Ibrahim informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 per annum. No ground rent would be payable on a lease extension were Ibrahim to exercise his statutory right. Ibrahim obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Northwich case:

Last Spring we were approach by Mrs Paige Parker , who moved into a recently refurbished flat in Northwich in September 1998. The question was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical flats in Northwich with an extended lease were in the region of £198,800. The average ground rent payable was £55 collected quarterly. The lease ran out in 2081. Given that there were 55 years outstanding we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.

Northwich case:

Mr and Mrs. B Lewis completed a one bedroom flat in Northwich in July 2001. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative properties in Northwich with an extended lease were in the region of £295,000. The average ground rent payable was £45 collected annually. The lease concluded on 24 June 2101. Given that there were 75 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.