Why you should start your Ormskirk lease extension

Main reasons to commence your Ormskirk lease extension today:

Increase your lease and increase your Ormskirk property value

For those whose Ormskirk flat is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to loan monies on a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold property. Many will simply refuse lend at all once the residual lease term falls under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Ormskirk home.

Why use us for your lease extension in Ormskirk?

Lease extensions in Ormskirk can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Ormskirk lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ormskirk Lease Extension Case Studies:

Leon, Ormskirk, Lancashire

In recent months Leon, came precariously close to the eighty-year mark with the lease on his two bedroom apartment in Ormskirk. In buying his property two decades ago, the lease term was of little significance. Luckily, he noticed he needed to take steps soon on Extending the lease. Leon arranged for a lease extension at the eleventh hour last September. Leon and the landlord who owned the flat above subsequently agreed on the final figure of £5,000 . If the lease had dropped below eighty years, the price would have become more exhorbitant by a minimum £1,025.

Ormskirk case:

Last Autumn we were approach by Dr K Girard , who purchased a basement apartment in Ormskirk in June 2008. The question was if we could approximate the price would be for a ninety year lease extension. Comparative premises in Ormskirk with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 invoiced quarterly. The lease came to a finish in 2082. Given that there were 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of legals.

Ormskirk case:

Mr and Mrs. W Watson completed a one bedroom flat in Ormskirk in January 2009. The dilemma was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Similar residencies in Ormskirk with an extended lease were in the region of £242,600. The average ground rent payable was £45 billed yearly. The lease ended in 2093. Considering the 67 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including fees.