Top reasons for Poynton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Poynton property value

The only way is down when it comes to Poynton lease terms. Poynton flats that have a remaining term lower than eighty years will reduce in market price even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold residencies in Poynton with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be unacceptable security.

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

The conveyancing solicitors that we work with procure Poynton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Poynton Lease Extension Example Cases:

Seth, Poynton, Cheshire,

Seth was the the leasehold proprietor of a 2 bedroom flat in Poynton on the market with a lease of a little over fifty eight years remaining. Seth on an informal basis approached his freeholder a well known local-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 rise in the rent to £200 annually. No ground rent would be due on a lease extension were Seth to invoke his statutory right. Seth obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and sell the property.

Poynton case:

In 2010 we were called by Mr Samuel Thompson who, having completed a garden flat in Poynton in January 2002. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative flats in Poynton with 100 year plus lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded on 4 July 2094. Having 68 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.

Poynton case:

Mr and Mrs. P Adams moved into a studio apartment in Poynton in May 2009. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative flats in Poynton with a long lease were valued about £285,000. The average amount of ground rent was £55 billed quarterly. The lease concluded on 10 May 2105. Considering the 79 years outstanding we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus costs.