Main reasons to commence your Rainhill lease extension

Top reasons for lease extension now:

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

Rainhill leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Rainhill tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Rainhill you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Rainhill flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Rainhill with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to issue a mortgage on a short lease

Most mortgage lenders 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 below seventy years as they are deemed to be inadequate security.

What makes us experts in Rainhill lease extensions?

Engaging our service will provide you increased control over the value of your Rainhill leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rainhill Lease Extension Case Summaries:

Emily, Rainhill, Merseyside,

Following protracted discussions with the landlord of her purpose-built flat in Rainhill, Emily initiated the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension completed in January 2010. The freeholder’s costs were restricted to slightly above 550 pounds.

Rainhill case:

In 2013 we were phoned by Dr Aiden Martinez who, having took over the lease of a one bedroom apartment in Rainhill in January 2000. The question was if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Comparative homes in Rainhill with an extended lease were in the region of £200,800. The mid-range ground rent payable was £65 collected yearly. The lease lapsed in 2086. Taking into account 60 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 plus legals.

Rainhill case:

In 2014 we were called by Mr Harrison Baker who, having was assigned a lease of a garden apartment in Rainhill in October 1996. The question was if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar residencies in Rainhill with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 billed per annum. The lease finished in 2097. Given that there were 71 years as a residual term we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.