Why you should start your Southport lease extension

Why you should commence your Southport lease extension today:

Increase your lease and increase your Southport property value

The only way is down when it comes to Southport lease terms. Southport leaseholds that have a residual term lower than 80 years will drop in value at a rapid rate, and the cost to extend your lease will go up.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is likely that someone intending to purchase your property in the future might well do, so where they can't get a mortgage, then the market price of your property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

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

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

Southport Lease Extension Example Cases:

Robyn, Southport, Merseyside,

Off the back of lengthy discussions with the freeholder of her garden flat in Southport, Robyn started the lease extension process as the eighty year threshold was fast coming. The transaction was concluded in June 2006. The landlord’s fees were restricted to less than 700 pounds.

Southport case:

Last Summer we were approach by Dr S White , who purchased a first floor flat in Southport in January 2010. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Similar properties in Southport with a long lease were in the region of £235,600. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease ran out in 2088. Considering the 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 plus expenses.

Southport case:

Last year we were called by Mr Y Michel , who completed a studio flat in Southport in June 2011. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical properties in Southport with an extended lease were valued about £174,200. The average amount of ground rent was £55 collected monthly. The lease terminated on 4 February 2077. Considering the 51 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus fees.