Why you should start your Frizington lease extension

Top reasons for lease extension now:

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

Frizington leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Frizington tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Frizington you would be well advised to see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

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

What makes us experts in Frizington lease extensions?

Irrespective of whether you are a tenant or a landlord in Frizington,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Frizington valuers.

Frizington Lease Extension Case Studies:

Matthew, Frizington, Cumbria

During the course of the last few months Matthew, came precariously close to the 80-year mark with the lease on his purpose- built apartment in Frizington. Having purchased his home two decades ago, the unexpired term was of no bearing. Luckily, he realised he needed to take steps soon on a lease extension. Matthew extended the lease just under the wire in July. Matthew and the landlord subsequently agreed on a premium of £5,500 . If the lease had gone below eighty years, the figure would have increased by a minimum £925.

Frizington case:

In 2012 we were called by Mr and Mrs. K Turner who, having bought a basement apartment in Frizington in April 2011. The question was if we could estimate the premium could be for a 90 year lease extension. Identical flats in Frizington with 100 year plus lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced monthly. The lease finished in 2084. Considering the 58 years unexpired we approximated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus legals.

Frizington case:

In 2011 we were contacted by Mrs Sophie Walker who, having completed a one bedroom flat in Frizington in January 2000. The question was if we could approximate the price could be to extend the lease by a further 90 years. Comparable flats in Frizington with a long lease were in the region of £205,000. The average amount of ground rent was £50 invoiced monthly. The lease expired on 1 June 2104. Having 78 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £7,600 and £8,800 not including costs.