Top reasons for Ely lease extension

Main reasons to start your Ely lease extension today:

Increase your lease and increase your Ely property value

It’s a harsh truth that a Ely residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Ely property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. If lease term dips under 80 years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Ely will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the process.

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

It is conventional wisdom that a property with more than 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 decades to come.

Lenders may not loan monies on a short lease

Most mortgage lenders will be unwilling to lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Ely property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Ely?

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

Ely Lease Extension Example Cases:

Catherine, Ely, Cambridgeshire,

Following protracted negotiations with the freeholder of her first floor apartment in Ely, Catherine initiated the lease extension process as the 80 year threshold was fast approaching. The transaction was finalised in July 2012. The freeholder’s fees were negotiated to below 450 pounds.

Ely case:

Mr Hugo Rivera bought a one bedroom apartment in Ely in July 2007. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical premises in Ely with a long lease were worth £171,800. The average ground rent payable was £55 collected every twelve months. The lease finished in 2076. Taking into account 50 years outstanding we approximated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 plus professional charges.

Ely case:

Mrs Sian Allen took over the lease of a basement flat in Ely in January 2002. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Ely with a long lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease elapsed on 9 January 2096. Having 70 years left we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including costs.