Main reasons to start your Whaley Bridge lease extension

Top reasons for lease extension now:

A Whaley Bridge leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Whaley Bridge lease terms. Whaley Bridge properties that have a residual term lower than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

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

Banks and building societies do not like short residential leases. You most probably experience difficulties where you wish to sell your flat in Whaley Bridge if the unexpired lease term is below the criteria set by most lenders. Different lenders have different requirements but in the main they are looking for a minimum remaining lease term of 65 years.

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

Irrespective of whether you are a tenant or a landlord in Whaley Bridge,the lease extension lawyers that we work with will always be happy 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 Case Summaries:

Sophie, Whaley Bridge, Derbyshire,

Trailing unsuccessful discussions with the freeholder of her leasehold apartment in Whaley Bridge, Sophie initiated the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension was concluded in September 2011. The landlord’s charges were kept to an absolute minimum.

Whaley Bridge case:

In 2011 we were contacted by Mr V Turner who, having moved into a purpose-built apartment in Whaley Bridge in November 2003. The question was if we could estimate the premium would be to extend the lease by an additional years. Comparative residencies in Whaley Bridge with an extended lease were valued around £257,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease concluded on 23 January 2091. Given that there were 65 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including fees.

Whaley Bridge case:

Last Summer we were phoned by Mr John Girard , who bought a recently refurbished apartment in Whaley Bridge in September 1997. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Whaley Bridge with an extended lease were in the region of £196,400. The mid-range ground rent payable was £55 invoiced annually. The lease expired on 22 May 2080. Considering the 54 years unexpired we approximated the premium to the freeholder for the lease extension to be within £35,200 and £40,600 not including costs.