Top reasons for Chorley lease extension

Why you should start your Chorley lease extension today:

Increase your lease and increase your Chorley property value

The market value of Chorley 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 unexpired lease term is less than 80 years

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

Leasehold premises in Chorley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage with a short lease

Mortgage companies are really clamping down as regards to properties in Chorley with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the amount of potential purchasers.

Why use us for your lease extension in Chorley?

Engaging our service will provide you enhanced control over the value of your Chorley leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Chorley Lease Extension Example Cases:

Catherine, Chorley, Lancashire,

In the wake of 9 months of lengthy discussions with the freeholder of her first floor apartment in Chorley, Catherine started the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in October 2015. The freeholder’s charges were restricted to slightly above 550 pounds.

Chorley case:

Last October we were approach by Mr and Mrs. T Hall , who moved into a recently refurbished apartment in Chorley in June 1999. The dilemma was if we could approximate the price could be to prolong the lease by a further 90 years. Comparative premises in Chorley with an extended lease were valued about £260,200. The average amount of ground rent was £65 invoiced yearly. The lease ran out in 2092. Taking into account 66 years unexpired we calculated the premium to the landlord to extend the lease to be between £16,200 and £18,600 exclusive of costs.

Chorley case:

Mr and Mrs. C Bernard purchased a garden apartment in Chorley in November 2005. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparable properties in Chorley with a long lease were worth £198,800. The average ground rent payable was £55 collected yearly. The lease lapsed in 2081. Taking into account 55 years unexpired we estimated the premium to the landlord for the lease extension to be within £33,300 and £38,400 not including costs.