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.

When it comes to domestic leasehold premises in Poynton, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than 80 years remaining. Anyone in Poynton with a lease approaching 81 years left should seriously think of extending it as soon as possible. Once the lease term has below eighty years outstanding, under the current Act the landlord is entitled to calculate and demand a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with over one hundred years remaining 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 ahead.

Lending institutions may not issue a mortgage with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Many will simply refrain from lending at all once the remaining lease term goes under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired below seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Poynton property.

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

Lease extensions in Poynton can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 Example Cases:

Kate, Poynton, Cheshire,

Off the back of protracted discussions with the landlord of her first floor apartment in Poynton, Kate started the lease extension process as the 80 year threshold was quickly nearing. The legal work was concluded in April 2007. The freeholder’s fees were kept to an absolute minimum.

Poynton case:

Last year we were phoned by Mr and Mrs. P Dupont , who purchased a first floor apartment in Poynton in November 2007. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by 90 years. Comparative homes in Poynton with a long lease were worth £260,000. The mid-range amount of ground rent was £50 billed monthly. The lease ended in 2098. Considering the 72 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of fees.

Poynton case:

Last Summer we were phoned by Mr B Khan , who purchased a first floor flat in Poynton in September 1996. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar homes in Poynton with a long lease were valued around £256,600. The mid-range amount of ground rent was £60 billed quarterly. The lease finished in 2078. Taking into account 52 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 not including professional charges.