Main reasons to commence your Northwich lease extension

Why you should commence your Northwich lease extension today:

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

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

Northwich property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is likely that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of your property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Northwich lease extensions?

Retaining our service gives you better control over the value of your Northwich leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Northwich Lease Extension Case Summaries:

Natalie, Northwich, Cheshire,

Following protracted correspondence with the landlord of her one bedroom apartment in Northwich, Natalie initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was finalised in April 2005. The landlord’s charges were negotiated to about 500 pounds.

Northwich case:

In 2013 we were contacted by Mr and Mrs. J Michel who, having was assigned a lease of a purpose-built flat in Northwich in July 2007. The dilemma was if we could approximate the premium would likely be to prolong the lease by 90 years. Similar premises in Northwich with an extended lease were in the region of £295,000. The mid-range ground rent payable was £45 invoiced annually. The lease came to a finish on 4 January 2100. Considering the 74 years remaining we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.

Northwich case:

Last Winter we were approach by Dr O Walker , who bought a basement apartment in Northwich in February 2003. The question was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative residencies in Northwich with 100 year plus lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease lapsed in 2089. Considering the 63 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 plus fees.