Why you should start your Alsager lease extension

Top reasons for lease extension now:

A Alsager leasehold property depreciates with the years remaining on the lease.

The value of Alsager leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than 80 years

Alsager property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

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

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will be problematic as and when you wish to sell or refinance your property as it will be effectively unmortgageable. You might not have an immediate intention to sell but when you do your buyer will need to wait two years before they can start the legal procedures for a lease extension.

Why use us for your lease extension in Alsager?

The conveyancing solicitors that we work with procure Alsager 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.

Alsager Lease Extension Case Studies:

Zachary, Alsager, Cheshire,

Zachary was the the leasehold proprietor of a high value flat in Alsager being marketed with a lease of just over 59 years left. Zachary on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be due on a lease extension were Zachary to exercise his statutory right. Zachary procured expert legal guidance and secured satisfactory deal without resorting to tribunal and ending up with a market value flat.

Alsager case:

Last Summer we were e-mailed by Mr and Mrs. L Nguyen , who completed a basement flat in Alsager in June 2007. We are asked if we could approximate the premium would be for a ninety year lease extension. Identical homes in Alsager with a long lease were valued about £243,000. The mid-range amount of ground rent was £65 billed yearly. The lease elapsed on 13 June 2089. Considering the 63 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of professional charges.

Alsager case:

Mr and Mrs. O Pérez completed a garden flat in Alsager in April 2000. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Identical properties in Alsager with a long lease were in the region of £181,600. The mid-range amount of ground rent was £55 invoiced yearly. The lease came to a finish in 2078. Having 52 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.