Top reasons for Silverdale lease extension

Why you should commence your Silverdale lease extension today:

Increase your lease and increase your Silverdale property value

The market value of Silverdale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is less than 80 years

Silverdale property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not lend with 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 funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

What makes us experts in Silverdale lease extensions?

The lawyers that we work with undertake Silverdale lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Silverdale Lease Extension Example Cases:

Aarav, Silverdale, Staffordshire,

Aarav owned a conversion flat in Silverdale being sold with a lease of a little over sixty years remaining. Aarav on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Silverdale case:

Dr Lucy Smith acquired a studio apartment in Silverdale in January 1998. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical residencies in Silverdale with 100 year plus lease were worth £193,400. The mid-range amount of ground rent was £65 billed yearly. The lease lapsed in 2085. Considering the 59 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of fees.

Silverdale case:

Last Christmas we were phoned by Mr Kyle Taylor , who bought a purpose-built apartment in Silverdale in April 2002. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Similar properties in Silverdale with an extended lease were valued around £255,000. The average amount of ground rent was £50 invoiced every twelve months. The lease lapsed on 28 May 2096. Taking into account 70 years unexpired we calculated the premium to the freeholder to extend the lease to be within £10,500 and £12,000 not including legals.