Top reasons for Grange Park lease extension

Main reasons to commence your Grange Park lease extension today:

Increase your lease and increase your Grange Park property value

The market value of Grange Park leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent 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.

Lenders will not lend on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the value of the 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 Grange Park lease extensions?

Lease extensions in Grange Park can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

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 Grange Park lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Grange Park Lease Extension Case Studies:

Eli, Grange Park, Northamptonshire,

Eli was the the leasehold owner of a conversion apartment in Grange Park being sold with a lease of fraction over sixty years outstanding. Eli informally approached his freeholder a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eli to exercise his statutory right. Eli procured expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Grange Park case:

In 2014 we were called by Mrs Emily Díaz who, having completed a basement flat in Grange Park in July 2012. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparable residencies in Grange Park with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed quarterly. The lease came to a finish in 2096. Having 70 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.