Top reasons for Prestbury lease extension

Why you should commence your Prestbury lease extension today:

A Prestbury lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Prestbury you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will be problematic when you need to dispose of or refinance your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer will have to hold off for 2 years before they can initiate the legal procedures for an extension to the lease.

What makes us experts in Prestbury lease extensions?

Engaging our service will provide you better control over the value of your Prestbury leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Prestbury Lease Extension Case Summaries:

Ollie, Prestbury, Cheshire

16 months ago Ollie, came seriously near to the eighty-year threshold with the lease on his garden flat in Prestbury. Having purchased his home two decades ago, the unexpired term was of little concern. As luck would have it, he noticed he needed to take action soon on a lease extension. Ollie extended the lease just under the wire last May. Ollie and the landlord eventually agreed on sum of £5,500 . If the lease had descended to less than eighty years, the premium would have become more exhorbitant by at least £925.

Prestbury case:

In 2010 we were contacted by Dr U Cook who, having acquired a newly refurbished apartment in Prestbury in June 2006. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparative flats in Prestbury with an extended lease were worth £166,400. The average ground rent payable was £60 collected per annum. The lease elapsed in 2080. Taking into account 54 years outstanding we estimated the premium to the landlord to extend the lease to be within £32,300 and £37,400 plus professional charges.

Prestbury case:

In 2014 we were phoned by Mr and Mrs. L André who, having took over the lease of a purpose-built flat in Prestbury in August 1999. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Similar properties in Prestbury with 100 year plus lease were in the region of £232,800. The average ground rent payable was £45 collected quarterly. The lease concluded in 2091. Considering the 65 years outstanding we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus fees.