Main reasons to commence your Huyton lease extension

Why you should start your Huyton lease extension today:

Increase your lease and increase your Huyton property value

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 your 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 seventy and 90 years left. There are good reasons why a Huyton flat owner with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Lenders do not lend on short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Huyton if the remaining lease term is less than the criteria set by most banks and building societies. Different lenders have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Huyton?

Using our service will provide you enhanced control over the value of your Huyton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers 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:

Harvey, Huyton, Merseyside

Last Autumn Harvey, started to get near to the 80-year mark with the lease on his two bedroom apartment in Huyton. In buying his home 18 years ago, the length of the lease was of no bearing. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Harvey was able to extend his lease at the eleventh hour last March. Harvey and the freeholder via the management company subsequently agreed on a premium of £5,500 . If the lease had dropped lower than eighty years, the premium would have increased by a minimum £875.

Huyton case:

In 2012 we were phoned by Mr N Jones who, having acquired a basement apartment in Huyton in June 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Huyton with 100 year plus lease were valued around £295,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease ran out on 20 January 2100. Given that there were 74 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.

Huyton case:

In 2013 we were called by Dr Ellie Petit who, having purchased a one bedroom flat in Huyton in September 2005. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Similar premises in Huyton with an extended lease were valued around £248,000. The mid-range ground rent payable was £65 billed every twelve months. The lease finished in 2089. Given that there were 63 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £20,900 and £24,200 not including professional charges.