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Top reasons for Widnes lease extension


Top reasons for lease extension now:

Increase your lease and increase your Widnes property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Widnes. Clearly, the period of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Widnes have the legal entitlement to extend the lease for a further ninety years under Leasehold Reform legislation. Please give careful deliberation before putting off your Widnes lease extension. Holding off the cost now likely increases the price you will eventually have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to grant a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Widnes with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Widnes lease extensions?

Using our service gives you increased control over the value of your Widnes leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Widnes Lease Extension Case Studies:

Samuel, Widnes, Cheshire

Last October Samuel, started to get close to the eighty-year threshold with the lease on his studio apartment in Widnes. In buying his flat 19 years previously, the lease term was of no relevance. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Samuel was able to extend his lease at the eleventh hour last August. Samuel and the landlord ultimately settled on sum of £5,000 . If the lease had dropped to less than eighty years, the figure would have escalated by a minimum £1,025.

Widnes case:

Mr and Mrs. E Michel was assigned a lease of a ground floor flat in Widnes in October 2012. The question was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Similar homes in Widnes with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease ran out on 6 April 2102. Having 78 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.

Widnes case:

In 2009 we were called by Mrs Mollie Carter who, having moved into a first floor flat in Widnes in January 2006. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Similar properties in Widnes with 100 year plus lease were worth £191,000. The mid-range ground rent payable was £65 billed quarterly. The lease expiry date was in 2082. Taking into account 58 years unexpired we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 plus costs.