Top reasons for Silsworth lease extension

Why you should start your Silsworth lease extension today:

A Silsworth leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold property in Silsworth, you are actually buying a right to reside in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are less than eighty years left. Leasehold owners in Silsworth with a lease nearing 81 years left should seriously consider extending it as soon as possible. Once a lease has below eighty years remaining, under the current legislation the freeholder can calculate and charge a larger premium, based on a technical computation, strangely termed as “marriage value” which is due.

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

Leasehold properties in Silsworth with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not grant a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Considering plenty of flats in Silsworth were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

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

Using our service will provide you increased control over the value of your Silsworth leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Silsworth Lease Extension Case Summaries:

Bethany, Silsworth, Tyne And Wear,

In the wake of 9 months of protracted correspondence with the landlord of her ground floor flat in Silsworth, Bethany initiated the lease extension process as the 80 year deadline was rapidly approaching. The lease extension was concluded in April 2010. The landlord’s charges were kept to an absolute minimum.

Silsworth case:

In 2012 we were phoned by Mrs Bethan Bonnet who, having took over the lease of a basement apartment in Silsworth in October 2007. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical flats in Silsworth with an extended lease were valued about £181,600. The average amount of ground rent was £55 invoiced yearly. The lease ran out on 5 March 2078. Taking into account 52 years outstanding we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of expenses.

Silsworth case:

Mr Jacob Alexander bought a basement apartment in Silsworth in November 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable properties in Silsworth with a long lease were valued about £285,000. The average ground rent payable was £45 invoiced annually. The lease finished in 2098. Having 72 years unexpired we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.