Main reasons to commence your Cockermouth lease extension

Main reasons to start your Cockermouth lease extension today:

Increase your lease and increase your Cockermouth property value

Cockermouth leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Cockermouth will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not loan monies with a short lease

Lenders are really restricting their approach as regards to properties in Cockermouth 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 refrain from lending completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

What makes us experts in Cockermouth lease extensions?

Using our service gives you better control over the value of your Cockermouth leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Cockermouth Lease Extension Example Cases:

Rebecca, Cockermouth, Cumbria,

In the wake of 6 months of protracted negotiations with the landlord of her one bedroom flat in Cockermouth, Rebecca initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The lease extension was concluded in January 2005. The freeholder’s fees were kept to an absolute minimum.

Cockermouth case:

Dr P Sánchez purchased a newly refurbished flat in Cockermouth in May 2004. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar flats in Cockermouth with a long lease were valued around £270,000. The average amount of ground rent was £65 invoiced annually. The lease ended in 2094. Given that there were 68 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.

Cockermouth case:

Dr Robyn Wilson purchased a ground floor apartment in Cockermouth in May 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable flats in Cockermouth with an extended lease were in the region of £208,600. The average ground rent payable was £60 billed per annum. The lease came to a finish in 2083. Given that there were 57 years unexpired we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus professional charges.