Top reasons for Whalley lease extension

Main reasons to start your Whalley lease extension today:

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

The re-sale value of a leasehold property in Whalley depends on how long the lease has remaining. If it is close to or fewer than eighty years you should expect problems on re-sale, so it is recommended to arrange for the lease to be extended ahead of purchasing. It is preferable to start the lease extension process when a lease still has 82 years remaining so that a lease extension can be addressed ahead of the 80 year cut off point. Statute enables Whalley qualifying lessees to an additional term of ninety years on top of the existing term, at a notional rent (no ground rent). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Whalley with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

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

Lending institutions have set criteria when loaning monies secured on leasehold homes. Some will simply not lend at all once an unexpired lease term goes under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are intending to remortgage your Whalley home.

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

Lease extensions in Whalley can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Whalley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Whalley Lease Extension Example Cases:

Ellie, Whalley, Lancashire,

In the wake of eight months of protracted discussions with the landlord of her purpose-built flat in Whalley, Ellie started the lease extension process just as the lease was approaching the all-important eighty-year mark. The legal work completed in May 2011. The freeholder’s charges were negotiated to about 500 GBP.

Whalley case:

Last Christmas we were called by Mr Leon Turner , who took over the lease of a ground floor apartment in Whalley in April 1998. We are asked if we could estimate the price could be for a ninety year lease extension. Identical properties in Whalley with 100 year plus lease were in the region of £210,600. The average ground rent payable was £45 billed quarterly. The lease ended in 2088. Given that there were 62 years left we approximated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 not including legals.

Whalley case:

In 2011 we were approached by Mr and Mrs. R Howard who, having acquired a basement apartment in Whalley in January 2008. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Whalley with a long lease were worth £265,000. The average amount of ground rent was £50 billed annually. The lease lapsed in 2099. Having 73 years remaining we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.