Top reasons for Accrington lease extension

Why you should commence your Accrington lease extension today:

Increase your lease and increase your Accrington property value

Chances are that where you own a flat in Accrington you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Accrington with over one hundred years left 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not issue a mortgage on a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties if you wish to sell your flat in Accrington if the remaining term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Accrington?

Lease extensions in Accrington can be a difficult process. We recommend you procure professional help 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 in-depth market knowledge dealing with 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:

Aarav, Accrington, Lancashire,

Aarav was the the leasehold owner of a 2 bedroom apartment in Accrington being marketed with a lease of fraction over 61 years unexpired. Aarav on an informal basis spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured satisfactory resolution informally and readily saleable.

Accrington case:

Last Spring we were e-mailed by Mr B Green , who owned a ground floor apartment in Accrington in July 1995. The question was if we could approximate the premium would be for a ninety year lease extension. Identical flats in Accrington with 100 year plus lease were valued around £270,000. The average amount of ground rent was £55 billed per annum. The lease ran out in 2101. Taking into account 75 years left we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.

Accrington case:

Last month we were contacted by Mr and Mrs. N Jackson , who completed a ground floor flat in Accrington in October 2009. The question was if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Similar homes in Accrington with 100 year plus lease were valued about £168,800. The average ground rent payable was £60 billed per annum. The lease expired on 7 April 2081. Considering the 55 years remaining we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including fees.