Main reasons to start your Accrington lease extension

Main reasons to start your Accrington lease extension today:

A Accrington lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Accrington is a wasting asset as a result of the shortening lease. If the lease has, beyond 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under 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 sooner as opposed to later. Many flat owners in Accrington will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Accrington lease extensions?

Lease extensions in Accrington can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in this area.

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 Accrington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Accrington Lease Extension Example Cases:

Charlotte, Accrington, Lancashire,

Subsequent to protracted discussions with the freeholder of her studio flat in Accrington, Charlotte started the lease extension process as the 80 year deadline was fast coming. The lease extension was finalised in April 2014. The landlord’s costs were negotiated to approximately 500 pounds.

Accrington case:

In 2011 we were called by Mr and Mrs. P Girard who, having completed a garden flat in Accrington in April 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Similar residencies in Accrington with a long lease were in the region of £193,400. The average ground rent payable was £65 billed yearly. The lease came to a finish on 6 October 2085. Taking into account 59 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of professional charges.

Accrington case:

In 2010 we were phoned by Mr Reuben Stewart who, having was assigned a lease of a basement apartment in Accrington in October 2006. The question was if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Identical flats in Accrington with an extended lease were worth £250,000. The average amount of ground rent was £50 billed yearly. The lease terminated in 2096. Considering the 70 years remaining we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.