Main reasons to commence your Prescot lease extension

Top reasons for lease extension now:

Increase your lease and increase your Prescot property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Prescot. Clearly, the term of lease left reduces as time goes by. This is often overlooked and only becomes a problem when the residence needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension. Qualifying leaseholders in Prescot have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before delaying your Prescot lease extension. Holding off that expense now only increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold premises in Prescot with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage with a short lease

Banks and building societies are really restricting their approach as regards to properties in Prescot with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential buyers.

What makes us experts in Prescot lease extensions?

Lease extensions in Prescot can be a difficult process. We recommend you procure professional help 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 dealing with Prescot lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Prescot Lease Extension Example Cases:

Natasha, Prescot, Merseyside,

Subsequent to lengthy correspondence with the freeholder of her one bedroom flat in Prescot, Natasha commenced the lease extension process as the 80 year mark was fast coming. The lease extension was finalised in November 2011. The landlord’s charges were kept to an absolute minimum.

Prescot case:

Last month we were e-mailed by Dr K Gómez , who bought a recently refurbished apartment in Prescot in May 2006. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative premises in Prescot with a long lease were worth £166,800. The mid-range ground rent payable was £50 invoiced every twelve months. The lease termination date was in 2076. Given that there were 50 years remaining we calculated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus fees.

Prescot case:

In 2013 we were called by Mr C Bonnet who, having purchased a ground floor apartment in Prescot in February 2005. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Similar homes in Prescot with a long lease were worth £280,000. The average amount of ground rent was £45 invoiced quarterly. The lease elapsed on 27 July 2096. Considering the 70 years outstanding we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.