Why you should start your Frizington lease extension

Main reasons to start your Frizington lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Frizington. Inevitably, the length of lease left reduces as time goes by. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Frizington have the right to extend the lease for an additional ninety years under statute. You should give due deliberation before putting off your Frizington lease extension. Putting off that expense now simply increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Get in touch with one of our Frizington lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Frizington 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 conveyancing solicitor we work with provide it.

Frizington Lease Extension Example Cases:

Ben, Frizington, Cumbria,

Ben owned a 2 bedroom flat in Frizington on the market with a lease of fraction over sixty years outstanding. Ben on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Ben to invoke his statutory right. Ben procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Frizington case:

Mr and Mrs. N Sharif took over the lease of a newly refurbished flat in Frizington in February 1998. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical premises in Frizington with 100 year plus lease were worth £240,600. The average ground rent payable was £65 collected monthly. The lease concluded on 15 May 2088. Considering the 62 years remaining we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus fees.

Frizington case:

Last Autumn we were approach by Mr and Mrs. L Green , who took over the lease of a newly refurbished apartment in Frizington in January 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Frizington with 100 year plus lease were worth £174,200. The average amount of ground rent was £55 invoiced quarterly. The lease ended on 7 August 2077. Given that there were 51 years unexpired we approximated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including expenses.