Why you should start your Lymm lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lymm property value

The closer a domestic lease in Lymm gets to zero years unexpired, the more it reduces the value of the property. If the residual term has, more than one hundred years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease sooner as opposed to later. Most flat owners in Lymm will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Lymm with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold property. Some will simply refrain from lending at all once the residual lease term falls beneath a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as acceptable security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Lymm property.

What makes us experts in Lymm lease extensions?

Lease extensions in Lymm can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Lymm lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lymm Lease Extension Example Cases:

Caitlin, Lymm, Cheshire,

Subsequent to protracted negotiations with the landlord of her garden flat in Lymm, Caitlin started the lease extension process as the eighty year deadline was quickly approaching. The legal work was concluded in June 2011. The landlord’s fees were restricted to slightly above five hundred pounds.

Lymm case:

Last Summer we were approach by Mrs O James , who moved into a recently refurbished flat in Lymm in September 2011. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Similar properties in Lymm with a long lease were worth £270,000. The mid-range ground rent payable was £55 collected yearly. The lease expired in 2101. Taking into account 75 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.

Lymm case:

In 2009 we were e-mailed by Mrs P Khan who, having was assigned a lease of a first floor flat in Lymm in September 2010. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Lymm with 100 year plus lease were in the region of £173,800. The average amount of ground rent was £65 invoiced monthly. The lease end date was in 2081. Having 55 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of expenses.