Top reasons for Ely lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ely property value

Ely leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Ely enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Ely you really ought to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Ely flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is put in place without delay

Ely property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Ely lease extensions?

Regardless of whether you are a tenant or a freeholder in Ely,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ely valuers.

Ely Lease Extension Example Cases:

Katherine, Ely, Cambridgeshire,

Off the back of protracted negotiations with the freeholder of her two bedroom flat in Ely, Katherine commenced the lease extension process just as her lease was coming close to the critical 80-year deadline. The transaction was finalised in November 2009. The landlord’s costs were kept to an absolute minimum.

Ely case:

In 2009 we were contacted by Mr T Díaz who, having took over the lease of a basement apartment in Ely in July 1996. The question was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable residencies in Ely with 100 year plus lease were valued about £174,200. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2077. Considering the 51 years unexpired we calculated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of professional charges.

Ely case:

Mrs H Murphy was assigned a lease of a basement flat in Ely in June 2009. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical homes in Ely with an extended lease were in the region of £285,000. The average ground rent payable was £45 invoiced monthly. The lease terminated on 8 March 2097. Given that there were 71 years left we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus costs.