Main reasons to commence your Whaley Bridge lease extension

Top reasons for lease extension now:

Increase your lease and increase your Whaley Bridge property value

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Whaley Bridge can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your Whaley Bridge lease extension. Postponing the costs now simply escalates the premium you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold premises in Whaley Bridge with in excess of 100 years remaining on the lease are sometimes referred to as ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold homes. Some will simply refuse lend at all once the remaining lease term goes beneath a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as adequate security. As well as this being important when selling, it is also relevant where you are intending to remortgage your Whaley Bridge home.

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

Lease extensions in Whaley Bridge can be a difficult process. We recommend you procure professional help from a conveyancer and valuer with experience in this area.

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 Whaley Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Whaley Bridge Lease Extension Example Cases:

Nathan, Whaley Bridge, Derbyshire

During the course of the last few months Nathan, started to get near to the eighty-year mark with the lease on his ground floor apartment in Whaley Bridge. In buying his property 19 years ago, the length of the lease was of little relevance. As luck would have it, he realised he would imminently be paying an escalated premium for a lease extension. Nathan extended the lease just under the wire in April. Nathan and the freeholder eventually settled on a premium of £5,500 . If he not met the deadline, the amount would have become more exhorbitant by at least £925.

Whaley Bridge case:

Last Christmas we were contacted by Mr and Mrs. L Green , who bought a basement apartment in Whaley Bridge in March 2008. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical properties in Whaley Bridge with 100 year plus lease were valued around £210,000. The mid-range ground rent payable was £50 invoiced monthly. The lease terminated on 28 June 2106. Having 80 years remaining we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Whaley Bridge case:

In 2010 we were approached by Mr and Mrs. S Bonnet who, having completed a garden apartment in Whaley Bridge in July 2012. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Identical premises in Whaley Bridge with 100 year plus lease were valued about £280,000. The average amount of ground rent was £45 billed annually. The lease came to a finish on 9 October 2095. Considering the 69 years remaining we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.