Top reasons for Skelmersdale lease extension

Main reasons to commence your Skelmersdale lease extension today:

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

Skelmersdale leases on residential properties are gradually losing value. if your lease has about 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you start paying an additional element called marriage value. Flat owners in Skelmersdale will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically banks would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Skelmersdale lease extensions?

Lease extensions in Skelmersdale can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge dealing with Skelmersdale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Skelmersdale Lease Extension Example Cases:

Benjamin, Skelmersdale, Lancashire,

Benjamin owned a conversion apartment in Skelmersdale on the market with a lease of a little over fifty eight years outstanding. Benjamin on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension 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 Benjamin to invoke his statutory right. Benjamin procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Skelmersdale case:

In 2014 we were phoned by Mr and Mrs. N Murphy who, having took over the lease of a basement apartment in Skelmersdale in November 2006. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar properties in Skelmersdale with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 billed annually. The lease termination date was on 12 January 2099. Taking into account 73 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.

Skelmersdale case:

Last month we were e-mailed by Mr and Mrs. I Hernández , who bought a studio apartment in Skelmersdale in February 1996. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparative flats in Skelmersdale with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 billed quarterly. The lease end date was in 2079. Given that there were 53 years remaining we estimated the premium to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of professional charges.