Main reasons to start your Glossop lease extension

Main reasons to start your Glossop lease extension today:

Increase your lease and increase your Glossop property value

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

An extended lease is almost the same value as a freehold

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

Mortgage lenders may not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This will cause difficulties once you need to sell or refinance your property as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer must wait 2 years before they can commence the legal procedures for an extension to the lease.

Get in touch with one of our Glossop lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Glossop lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Glossop Lease Extension Case Summaries:

Madeleine, Glossop, Derbyshire,

Following unsuccessful negotiations with the freeholder of her purpose-built apartment in Glossop, Madeleine commenced the lease extension process as the 80 year mark was quickly nearing. The legal work was finalised in March 2006. The landlord’s charges were negotiated to a tad over 700 GBP.

Glossop case:

Last year we were called by Dr Harry Ali , who acquired a ground floor flat in Glossop in August 2001. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Similar flats in Glossop with an extended lease were in the region of £227,800. The mid-range amount of ground rent was £45 invoiced yearly. The lease terminated on 8 February 2091. Considering the 65 years unexpired we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of costs.

Glossop case:

Last Winter we were approach by Mr and Mrs. K Baker , who purchased a first floor apartment in Glossop in May 2012. The question was if we could estimate the price would likely be to extend the lease by ninety years. Similar premises in Glossop with 100 year plus lease were worth £275,000. The average ground rent payable was £55 billed annually. The lease ran out on 24 May 2102. Considering the 76 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.