Why you should start your Winsford lease extension

Main reasons to start your Winsford lease extension today:

Increase your lease and increase your Winsford property value

On the balance of probabilities if you own a flat in Winsford you actually own a long leasehold interest over your property

Winsford property with a lease extension has roughly the same value as a freehold

Leasehold premises in Winsford with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties once you come to dispose of or refinance your flat as it will be practically unmortgageable. Even though you may not have an imminent plan to sell but when you do your buyer will have to hold off for two years before they can exercise the right to a an extension to the lease.

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

Engaging our service gives you increased control over the value of your Winsford leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Winsford Lease Extension Example Cases:

Liam, Winsford, Cheshire

Last October Liam, came dangerously near to the 80-year mark with the lease on his two bedroom flat in Winsford. Having bought his home 18 years previously, the length of the lease was of no significance. by good luck, he noticed he needed to take steps soon on Extending the lease. Liam was able to extend his lease at the eleventh hour in May. Liam and the freeholder via the management company subsequently agreed on the final figure of £5,500 . If he failed to meet the deadline, the figure would have escalated by at least £925.

Winsford case:

In 2011 we were approached by Mr and Mrs. Y Mitchell who, having acquired a garden apartment in Winsford in January 1998. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative premises in Winsford with 100 year plus lease were worth £186,000. The average amount of ground rent was £65 collected every twelve months. The lease concluded on 8 March 2084. Having 58 years left we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 plus professional charges.

Winsford case:

Mr B Garcia owned a garden flat in Winsford in September 2004. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar residencies in Winsford with an extended lease were valued about £250,000. The average amount of ground rent was £50 collected yearly. The lease came to a finish on 7 November 2095. Taking into account 69 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.