Top reasons for Rossendale lease extension

Main reasons to commence your Rossendale lease extension today:

Increase your lease and increase your Rossendale property value

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Rossendale with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders will not issue a mortgage with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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

Lease extensions in Rossendale can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 a wealth of experience procuring Rossendale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rossendale Lease Extension Case Summaries:

Thomas, Rossendale, Lancashire

Last year Thomas, came dangerously close to the eighty-year mark with the lease on his basement flat in Rossendale. In buying his flat two decades ago, the lease term was of minimal importance. Luckily, he became aware that he needed to take steps soon on a lease extension. Thomas extended the lease just ahead of time in April. Thomas and the landlord who owned the flat above eventually settled on a premium of £6,000 . If the lease had gone lower than eighty years, the premium would have increased by at least £1,000.

Rossendale case:

Last July we were contacted by Dr Alfie Rodríguez , who bought a ground floor apartment in Rossendale in February 2009. The question was if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable homes in Rossendale with 100 year plus lease were in the region of £260,200. The mid-range amount of ground rent was £65 invoiced yearly. The lease finished in 2092. Considering the 66 years as a residual term we estimated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of expenses.

Rossendale case:

In 2011 we were e-mailed by Dr Aaron Rivera who, having was assigned a lease of a garden flat in Rossendale in August 2008. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparative flats in Rossendale with 100 year plus lease were worth £198,800. The average amount of ground rent was £55 collected yearly. The lease end date was in 2081. Considering the 55 years unexpired we calculated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus costs.