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 re-sale value of a leasehold property in Whaley Bridge is impacted by how long the lease has remaining. If it is near to or fewer than 80 years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended before purchasing. It is ideal to start the process of extending the lease is when a lease still has 82 years remaining so that a lease extension can be finalised well before the eighty year threshold. Statute enables Whaley Bridge qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a further term of 90 years. The reason of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold residencies in Whaley Bridge with over 100 years outstanding 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 buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Whaley Bridge were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Whaley Bridge lease extensions?

Regardless of whether you are a tenant or a freeholder in Whaley Bridge,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Whaley Bridge valuers.

Whaley Bridge Lease Extension Example Cases:

Sarah, Whaley Bridge, Derbyshire,

In the wake of 9 months of lengthy discussions with the landlord of her two bedroom apartment in Whaley Bridge, Sarah commenced the lease extension process as the eighty year mark was rapidly coming. The lease extension was finalised in May 2006. The freeholder’s fees were restricted to approximately 500 GBP.

Whaley Bridge case:

In 2012 we were contacted by Mr Sebastian Hill who, having owned a one bedroom apartment in Whaley Bridge in August 2012. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical flats in Whaley Bridge with 100 year plus lease were in the region of £213,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended in 2083. Given that there were 57 years remaining we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including expenses.

Whaley Bridge case:

Mr and Mrs. C Williams completed a purpose-built flat in Whaley Bridge in May 2004. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Comparative flats in Whaley Bridge with an extended lease were worth £200,000. The mid-range ground rent payable was £50 invoiced annually. The lease concluded in 2103. Considering the 77 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including fees.