Why you should start your Allenton lease extension

Main reasons to start your Allenton lease extension today:

Increase your lease and increase your Allenton property value

Chances are that if you own a flat in Allenton you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Allenton with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not lend on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable for lending purposes.

Why use us for your lease extension in Allenton?

Lease extensions in Allenton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Allenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Allenton Lease Extension Case Summaries:

Aarav, Allenton, Derbyshire,

Aarav owned a conversion flat in Allenton being marketed with a lease of fraction over 61 years unexpired. Aarav informally spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Allenton case:

In 2012 we were approached by Mrs D Brown who, having completed a basement apartment in Allenton in May 2000. The question was if we could estimate the price would likely be to extend the lease by ninety years. Identical homes in Allenton with 100 year plus lease were worth £233,200. The mid-range amount of ground rent was £60 collected every twelve months. The lease lapsed in 2087. Given that there were 61 years left we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 not including legals.

Allenton case:

Last March we were phoned by Ms Isabella Parker , who completed a ground floor apartment in Allenton in August 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Similar premises in Allenton with an extended lease were valued about £171,800. The average amount of ground rent was £55 invoiced every twelve months. The lease elapsed on 22 June 2076. Given that there were 50 years left we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 exclusive of fees.