Main reasons to commence your Ulverston lease extension

Main reasons to start your Ulverston lease extension today:

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

Ulverston leases on domestic deteriorating in value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Leasehold owners in Ulverston will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s wise to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

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

Mortgage companies do not like short residential leases. You are likely to encounter difficulties if you want to sell your flat in Ulverston if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

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

The conveyancing solicitors that we work with procure Ulverston 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 conveyancing solicitor we work with provide it.

Ulverston Lease Extension Example Cases:

Holly, Ulverston, Cumbria,

Off the back of unsuccessful discussions with the landlord of her ground floor flat in Ulverston, Holly commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction completed in September 2014. The freeholder’s costs were kept to an absolute minimum.

Ulverston case:

Dr B Ramírez took over the lease of a one bedroom apartment in Ulverston in October 1996. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical properties in Ulverston with a long lease were in the region of £200,800. The mid-range ground rent payable was £65 invoiced yearly. The lease concluded in 2086. Given that there were 60 years unexpired we approximated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 not including professional charges.

Ulverston case:

In 2014 we were e-mailed by Dr R Bennett who, having moved into a studio apartment in Ulverston in January 2012. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Ulverston with a long lease were valued about £260,000. The mid-range ground rent payable was £50 invoiced per annum. The lease expired in 2097. Given that there were 71 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.