Main reasons to commence your Huyton lease extension

Why you should commence your Huyton lease extension today:

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

Huyton leases on residential properties are gradually diminishing 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. Legislation has been in place for sometime now which permits qualifying Huyton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Huyton you should investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Huyton flat owner with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

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

Lenders may decide not to grant a mortgage with a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Many will simply refuse lend at all once the remaining lease term drops under a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than 75 years suitable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Huyton home.

Why use us for your lease extension in Huyton?

Using our service gives you increased control over the value of your Huyton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Huyton Lease Extension Example Cases:

Lydia, Huyton, Merseyside,

Off the back of lengthy negotiations with the landlord of her leasehold apartment in Huyton, Lydia initiated the lease extension process as the eighty year threshold was fast approaching. The legal work was concluded in November 2013. The landlord’s charges were negotiated to a tad over 450 GBP.

Huyton case:

Last Christmas we were contacted by Mr and Mrs. G Lambert , who completed a studio flat in Huyton in November 2001. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparative properties in Huyton with 100 year plus lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected monthly. The lease terminated in 2104. Considering the 78 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £7,600 and £8,800 exclusive of costs.

Huyton case:

Last Summer we were contacted by Mr and Mrs. N Bennett , who was assigned a lease of a recently refurbished flat in Huyton in November 2011. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Similar properties in Huyton with a long lease were worth £267,600. The mid-range ground rent payable was £65 collected quarterly. The lease finished in 2093. Considering the 67 years left we estimated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 plus fees.