Why you should start your Huyton lease extension

Top reasons for lease extension now:

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

The nearer a residential lease in Huyton gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, in excess of 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in Huyton will qualify for this right; however a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter problems where you need to sell your flat in Huyton if the unexpired term of your lease is under the criteria set by most banks and building societies. Different lenders have varying criteria but in the main theyrequire an unexpired term of at least 65 years.

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

The lawyers that we work with handle Huyton 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.

Huyton Lease Extension Case Studies:

Jake, Huyton, Merseyside,

Jake was the the leasehold owner of a studio flat in Huyton being sold with a lease of a little over sixty years remaining. Jake on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert advice and was able to make a more informed judgement and handle with the matter and sell the flat.

Huyton case:

In 2014 we were contacted by Mr and Mrs. R Norbert who, having acquired a one bedroom apartment in Huyton in February 2011. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparative flats in Huyton with a long lease were valued around £280,000. The average amount of ground rent was £45 invoiced monthly. The lease concluded on 11 January 2096. Given that there were 70 years remaining we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including costs.

Huyton case:

Mr F Garcia moved into a purpose-built apartment in Huyton in April 2000. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical premises in Huyton with a long lease were in the region of £223,400. The average amount of ground rent was £60 collected yearly. The lease elapsed in 2085. Having 59 years left we estimated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of professional charges.