Main reasons to start your Old Swan lease extension

Top reasons for lease extension now:

A Old Swan lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Old Swan you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Old Swan with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering many flats in Old Swan were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Old Swan lease extensions?

Regardless of whether you are a tenant or a freeholder in Old Swan,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Old Swan valuers.

Old Swan Lease Extension Example Cases:

Alex, Old Swan, Merseyside

During the course of the last few months Alex, came very near to the eighty-year threshold with the lease on his two bedroom flat in Old Swan. In buying his property two decades ago, the unexpired term was of little concern. Fortunately, he realised he needed to take steps soon on Extending the lease. Alex arranged for a lease extension at the eleventh hour in July. Alex and the landlord who owned the flat above subsequently settled on the final figure of £5,500 . If he failed to meet the deadline, the amount would have become more costly by a minimum £1,100.

Old Swan case:

In 2012 we were e-mailed by Mr and Mrs. D Patel who, having purchased a purpose-built apartment in Old Swan in May 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Comparable flats in Old Swan with 100 year plus lease were in the region of £260,000. The average ground rent payable was £50 invoiced per annum. The lease elapsed in 2098. Given that there were 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.

Old Swan case:

In 2011 we were e-mailed by Mr and Mrs. C Baker who, having completed a basement flat in Old Swan in June 1998. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Similar residencies in Old Swan with an extended lease were in the region of £256,600. The average ground rent payable was £60 invoiced per annum. The lease came to a finish on 2 February 2078. Given that there were 52 years unexpired we calculated the compensation to the landlord to extend the lease to be between £41,800 and £48,400 exclusive of expenses.