Why you should start your Winsford lease extension

Why you should start your Winsford lease extension today:

Increase your lease and increase your Winsford property value

As the the remaining lease term of a Winsford residential lease decreases so does its value and therefore the value of your property. Where the residual term has, over one hundred years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Most flat owners in Winsford will qualify for this right; that being said a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Mortgage lenders have specific criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term drops under a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Winsford property.

Why use us for your lease extension in Winsford?

The conveyancers that we work with undertake Winsford 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 conveyancer we work with provide it.

Winsford Lease Extension Example Cases:

Madeleine, Winsford, Cheshire,

Subsequent to protracted discussions with the landlord of her basement flat in Winsford, Madeleine initiated the lease extension process as the eighty year deadline was fast coming. The transaction was concluded in June 2009. The landlord’s costs were negotiated to less than 450 GBP.

Winsford case:

Dr Poppy Mitchell was assigned a lease of a one bedroom flat in Winsford in April 2009. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Winsford with a long lease were worth £166,400. The mid-range amount of ground rent was £60 billed monthly. The lease expired in 2080. Having 54 years as a residual term we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of professional charges.

Winsford case:

Last Spring we were phoned by Mr Toby Roberts , who purchased a garden flat in Winsford in August 1999. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Winsford with a long lease were valued around £227,800. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ran out in 2091. Given that there were 65 years remaining we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of expenses.