Top reasons for Poynton lease extension

Why you should start your Poynton lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Poynton can extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do think carefully before delaying your Poynton lease extension. Postponing that expense now simply increases the amount you will ultimately have to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Poynton with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to loan monies on a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As plenty of flats in Poynton were built in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Poynton lease extensions?

Lease extensions in Poynton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 in-depth market knowledge procuring Poynton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Poynton Lease Extension Case Studies:

Caleb, Poynton, Cheshire,

Caleb was the the leasehold owner of a high value apartment in Poynton being marketed with a lease of a little over fifty eight years outstanding. Caleb on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert advice and secured satisfactory deal informally and ending up with a market value flat.

Poynton case:

In 2013 we were approached by Ms O Robinson who, having purchased a garden flat in Poynton in February 1995. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical flats in Poynton with 100 year plus lease were in the region of £183,600. The average amount of ground rent was £65 collected monthly. The lease ended on 3 October 2083. Considering the 57 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 not including expenses.

Poynton case:

In 2009 we were approached by Mrs Lauren Rogers who, having bought a one bedroom flat in Poynton in May 2000. We are asked if we could approximate the premium would be to extend the lease by a further 90 years. Comparable residencies in Poynton with an extended lease were in the region of £245,000. The average ground rent payable was £50 collected yearly. The lease lapsed in 2094. Given that there were 68 years left we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.