Why you should start your Parbold lease extension

Main reasons to commence your Parbold lease extension today:

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

For anyone whose Parbold flat is held on a long lease, the message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not loan monies with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to refinance your Parbold home.

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

Retaining our service gives you increased control over the value of your Parbold leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Parbold Lease Extension Case Studies:

Jennifer, Parbold, Lancashire,

After lengthy correspondence with the landlord of her studio apartment in Parbold, Jennifer commenced the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work completed in February 2006. The landlord’s charges were kept to an absolute minimum.

Parbold case:

In 2010 we were phoned by Mrs Rachael Cooper who, having owned a garden flat in Parbold in June 1995. The question was if we could approximate the price would be to extend the lease by 90 years. Identical residencies in Parbold with 100 year plus lease were valued about £191,400. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease expired on 28 August 2080. Considering the 54 years remaining we estimated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including costs.

Parbold case:

Dr J Wood bought a purpose-built apartment in Parbold in March 2004. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparative flats in Parbold with an extended lease were in the region of £295,000. The average amount of ground rent was £45 billed yearly. The lease concluded in 2100. Having 74 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.