Top reasons for Accrington lease extension

Main reasons to commence your Accrington lease extension today:

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

The only way is down when it comes to Accrington lease terms. Accrington leaseholds that have a lease term fewer than eighty years will drop in market price even faster, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Accrington with more than 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 property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not loan monies with a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that many flats in Accrington were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Accrington?

Lease extensions in Accrington can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 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 Case Studies:

John, Accrington, Lancashire,

John was the the leasehold proprietor of a conversion flat in Accrington being marketed with a lease of a few days over 72 years outstanding. John on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were John to invoke his statutory right. John procured expert advice and was able to make an informed judgement and deal with the matter and sell the flat.

Accrington case:

In 2011 we were called by Mr R Thompson who, having took over the lease of a garden apartment in Accrington in April 2000. The dilemma was if we could estimate the price would likely be to extend the lease by 90 years. Comparable flats in Accrington with 100 year plus lease were in the region of £256,600. The average amount of ground rent was £60 collected quarterly. The lease expired on 22 August 2078. Considering the 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 not including costs.

Accrington case:

Last Christmas we were approach by Mr and Mrs. A Davies , who was assigned a lease of a studio flat in Accrington in August 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by 90 years. Similar homes in Accrington with an extended lease were worth £218,000. The mid-range ground rent payable was £45 collected every twelve months. The lease concluded on 14 January 2089. Given that there were 63 years left we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 plus costs.