Top reasons for Poulton Le Fylde lease extension

Main reasons to start your Poulton Le Fylde lease extension today:

Increase your lease and increase your Poulton Le Fylde property value

Poulton Le Fylde leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Poulton Le Fylde enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Poulton Le Fylde you must investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Poulton Le Fylde flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay

Poulton Le Fylde property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Most mortgage companies will not grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Poulton Le Fylde property being difficult to sell or to obtain finance on.

Get in touch with one of our Poulton Le Fylde lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Poulton Le Fylde,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 Poulton Le Fylde valuers.

Poulton Le Fylde Lease Extension Example Cases:

Ellen, Poulton Le Fylde, Lancashire,

Following lengthy correspondence with the landlord of her first floor flat in Poulton Le Fylde, Ellen initiated the lease extension process as the 80 year threshold was quickly coming. The legal work was finalised in March 2009. The landlord’s costs were negotiated to about 450 GBP.

Poulton Le Fylde case:

Mr Evan Robinson owned a purpose-built apartment in Poulton Le Fylde in June 1998. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical homes in Poulton Le Fylde with a long lease were valued around £200,000. The average amount of ground rent was £50 invoiced per annum. The lease came to a finish on 15 August 2103. Considering the 77 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including expenses.

Poulton Le Fylde case:

Last September we were e-mailed by Mrs Katherine López , who purchased a studio flat in Poulton Le Fylde in September 1998. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Comparable premises in Poulton Le Fylde with an extended lease were valued around £265,200. The average amount of ground rent was £65 collected annually. The lease lapsed in 2092. Taking into account 66 years left we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus professional charges.