Why you should start your Allenton lease extension

Why you should commence your Allenton lease extension today:

A Allenton leasehold property depreciates with the years remaining on the lease.

Allenton residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same 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 many years ahead.

Lending institutions may decide not to issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Allenton were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

What makes us experts in Allenton lease extensions?

Lease extensions in Allenton can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor 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 dealing with 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 Example Cases:

Zachary, Allenton, Derbyshire

16 months ago Zachary, started to get close to the 80-year threshold with the lease on his basement flat in Allenton. Having purchased his flat two decades ago, the lease term was of little relevance. As luck would have it, he recognised he would soon be paying way over the odds for Extending the lease. Zachary extended the lease at the eleventh hour last July. Zachary and the freeholder via the management company ultimately settled on the final figure of £6,000 . If the lease had slipped below 80 years, the sum would have become more exhorbitant by at least £1,025.

Allenton case:

Last month we were approach by Mr and Mrs. O Mercier , who purchased a basement apartment in Allenton in March 2007. We are asked if we could approximate the price would be to extend the lease by ninety years. Comparative properties in Allenton with 100 year plus lease were in the region of £213,600. The average ground rent payable was £60 collected per annum. The lease elapsed on 20 October 2083. Having 57 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.

Allenton case:

In 2013 we were called by Mr L Martinez who, having purchased a purpose-built apartment in Allenton in March 2010. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Allenton with an extended lease were worth £200,000. The average ground rent payable was £50 invoiced per annum. The lease terminated on 3 January 2103. Given that there were 77 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.