Main reasons to start your Ely lease extension

Main reasons to start your Ely lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ely may extend the lease for a further ninety years under statute. Do give careful consideration before delaying your Ely lease extension. Shelving the costs today simply increases the price you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Ely with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not issue a mortgage on a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is probable that someone wanting to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Ely lease extensions?

Using our service will provide you enhanced control over the value of your Ely leasehold, as your property will be more valuable and marketable in respect of lease length should you want 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.

Ely Lease Extension Case Summaries:

Michael, Ely, Cambridgeshire

Last October Michael, started to get near to the 80-year threshold with the lease on his one bedroom apartment in Ely. In buying his flat 19 years ago, the unexpired term was of minimal bearing. Luckily, he noticed he would soon be paying an inflated amount for Extending the lease. Michael arranged for a lease extension at the eleventh hour last January. Michael and the landlord who owned the flat above subsequently settled on the final figure of £6,000 . If the lease had dipped to less than eighty years, the price would have escalated by at least £975.

Ely case:

Mrs S Hill completed a garden flat in Ely in September 2009. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Comparative flats in Ely with 100 year plus lease were in the region of £191,400. The average ground rent payable was £55 collected yearly. The lease lapsed on 27 July 2080. Considering the 54 years remaining we approximated the compensation to the freeholder for the lease extension to be between £34,200 and £39,600 exclusive of legals.

Ely case:

In 2012 we were approached by Mr and Mrs. Y Robinson who, having acquired a basement flat in Ely in September 2008. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable residencies in Ely with an extended lease were worth £295,000. The average amount of ground rent was £45 invoiced annually. The lease elapsed on 15 April 2100. Having 74 years unexpired we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.