Main reasons to commence your Prescot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Prescot property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Prescot have the right to extend the lease for a further 90 years in accordance with legislation. Do think carefully before delaying your Prescot lease extension. Postponing that expense today simply escalates the amount you will ultimately be required to pay to extend the lease.

Prescot property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Prescot with over 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems where you wish to sell your flat in Prescot if the remaining lease term is below the criteria set by the majority of lenders. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Prescot lease extensions?

Using our service will provide you better control over the value of your Prescot leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish 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.

Prescot Lease Extension Case Summaries:

Connor, Prescot, Merseyside,

Connor was the the leasehold owner of a 2 bedroom flat in Prescot on the market with a lease of fraction over sixty years outstanding. Connor informally spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. No ground rent would be due on a lease extension were Connor to invoke his statutory right. Connor procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Prescot case:

Mr and Mrs. V Lefèvre bought a basement apartment in Prescot in May 2002. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar residencies in Prescot with a long lease were in the region of £275,000. The mid-range ground rent payable was £45 collected quarterly. The lease ran out in 2095. Considering the 69 years as a residual term we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.

Prescot case:

Mr John Vincent was assigned a lease of a one bedroom flat in Prescot in May 2007. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar residencies in Prescot with 100 year plus lease were in the region of £216,000. The mid-range amount of ground rent was £60 invoiced annually. The lease elapsed in 2084. Taking into account 58 years remaining we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus fees.