Main reasons to commence your Northwich lease extension

Main reasons to commence your Northwich lease extension today:

A Northwich lease depreciates with the years remaining on the lease.

Northwich residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders will not lend with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Northwich lease extensions?

Retaining our service will provide you better control over the value of your Northwich leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Northwich Lease Extension Case Studies:

Jackson, Northwich, Cheshire

Last October Jackson, started to get close to the eighty-year threshold with the lease on his ground floor apartment in Northwich. Having bought his flat two decades ago, the length of the lease was of little relevance. As luck would have it, he noticed he needed to take action soon on a lease extension. Jackson arranged for a lease extension at the eleventh hour in April. Jackson and the freeholder subsequently settled on a premium of £5,500 . If the lease had slid below eighty years, the price would have increased by at least £1,125.

Northwich case:

In 2009 we were contacted by Mrs Sian Collins who, having owned a ground floor apartment in Northwich in July 2009. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Comparative flats in Northwich with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease ran out in 2096. Taking into account 70 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.

Northwich case:

Mr and Mrs. T Wright completed a garden flat in Northwich in March 1998. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Comparable residencies in Northwich with a long lease were in the region of £218,400. The average amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2085. Given that there were 59 years left we approximated the compensation to the freeholder for the lease extension to be between £27,600 and £31,800 not including expenses.