Stop! Your Lease Extension in Prescot and Knowlsey Could Be FREE

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Many leaseholders in Prescot and Knowlsey are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Prescot and Knowlsey has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Prescot and Knowlsey lease extension

Main reasons to commence your Prescot and Knowlsey lease extension today:

Increase your lease and increase your Prescot and Knowlsey property value

Unfortunately that a Prescot and Knowlsey residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Prescot and Knowlsey property market.Once your lease gets to 85ish years, you need to start considering a lease extension. If lease term slips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Prescot and Knowlsey will be able to extend under the legislation; however a conveyancer will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer for the duration of the process.

Prescot and Knowlsey property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at seventy five years remaining on the lease; others may be willing to lend with anything over seventy years. With less than 60 years, it may be impossible to obtain a mortgage in the first place.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Prescot and Knowlsey lease extensions?

Irrespective of whether you are a tenant or a landlord in Prescot and Knowlsey,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Prescot and Knowlsey valuers.

Prescot and Knowlsey Lease Extension Case Studies:

Hugo, Prescot and Knowlsey, Merseyside,

Hugo owned a conversion flat in Prescot and Knowlsey being sold with a lease of a few days over fifty eight years remaining. Hugo on an informal basis contacted his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Hugo to invoke his statutory right. Hugo procured expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.

Prescot and Knowlsey case:

Ms Freya Lefebvre purchased a basement apartment in Prescot and Knowlsey in August 1995. The dilemma was if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparable properties in Prescot and Knowlsey with an extended lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected per annum. The lease finished on 22 October 2095. Having 69 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.

Prescot and Knowlsey case:

In 2012 we were approached by Mrs Victoria González who, having moved into a purpose-built flat in Prescot and Knowlsey in March 2010. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Similar homes in Prescot and Knowlsey with 100 year plus lease were valued around £290,000. The mid-range ground rent payable was £60 collected quarterly. The lease finished in 2106. Having 80 years remaining we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including professional charges.