Why you should commence your Whalley lease extension

Why you should commence your Whalley lease extension today:

Increase your lease and increase your Whalley property value

Chances are that if you own a flat in Whalley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Whalley with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not loan monies with a short lease

Banks and building societies are really clamping down as regards to homes in Whalley with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the amount of prospective purchasers.

Why use us for your lease extension in Whalley?

Retaining our service gives you increased control over the value of your Whalley leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Whalley Lease Extension Case Summaries:

Teddy, Whalley, Lancashire

In recent months Teddy, came precariously close to the eighty-year mark with the lease on his garden flat in Whalley. Having purchased his home twenty years ago, the lease term was of minimal concern. Thankfully, he became aware that he needed to take steps soon on Extending the lease. Teddy was able to extend his lease just in the nick of time last January. Teddy and the landlord eventually agreed on a premium of £5,500 . If he not met the deadline, the amount would have gone up by at least £950.

Whalley case:

Mrs Y Hall moved into a newly refurbished flat in Whalley in January 2010. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable residencies in Whalley with a long lease were valued around £246,800. The average amount of ground rent was £60 collected every twelve months. The lease elapsed in 2076. Considering the 50 years unexpired we approximated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of legals.

Whalley case:

In 2009 we were approached by Mr Ollie Leroy who, having acquired a purpose-built apartment in Whalley in February 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable premises in Whalley with a long lease were in the region of £208,200. The average amount of ground rent was £65 billed quarterly. The lease expired on 20 June 2087. Considering the 61 years left we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.