Main reasons to start your Whaley Bridge lease extension

Main reasons to commence your Whaley Bridge lease extension today:

Increase your lease and increase your Whaley Bridge property value

On the balance of probabilities where you own a flat in Whaley Bridge you actually own a long leasehold interest over your property

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

Leasehold residencies in Whaley Bridge with over one hundred years left 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not loan monies on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Whaley Bridge property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Whaley Bridge?

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

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:

Jessica, Whaley Bridge, Derbyshire,

Following lengthy negotiations with the freeholder of her garden apartment in Whaley Bridge, Jessica started the lease extension process as the eighty year mark was rapidly approaching. The lease extension was finalised in April 2005. The landlord’s costs were negotiated to about 450 GBP.

Whaley Bridge case:

Ms Alice Rodríguez took over the lease of a garden apartment in Whaley Bridge in February 2002. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable flats in Whaley Bridge with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 billed annually. The lease ended on 23 January 2087. Considering the 61 years remaining we estimated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus professional charges.

Whaley Bridge case:

In 2014 we were called by Mr and Mrs. J Williams who, having purchased a studio apartment in Whaley Bridge in August 2009. The question was if we could estimate the premium could be for a ninety year extension to my lease. Identical residencies in Whaley Bridge with an extended lease were worth £171,800. The average amount of ground rent was £55 invoiced annually. The lease ran out on 27 February 2076. Taking into account 50 years left we estimated the compensation to the landlord for the lease extension to be between £33,300 and £38,400 not including professional charges.