Top reasons for Ilkeston lease extension

Why you should commence your Ilkeston lease extension today:

Increase your lease and increase your Ilkeston property value

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Ilkeston have the right to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Ilkeston lease extension. Postponing the costs now simply increases the premium you will eventually be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Ilkeston with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

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

Nearly all mortgage lenders require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be conscious that it is probable that someone wanting to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to lend on

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

Using our service will provide you increased control over the value of your Ilkeston leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ilkeston Lease Extension Example Cases:

Jake, Ilkeston, Derbyshire

Last Autumn Jake, came critically near to the 80-year mark with the lease on his ground floor flat in Ilkeston. Having purchased his flat two decades ago, the length of the lease was of minimal importance. Fortunately, he recognised he would soon be paying an inflated amount for a lease extension. Jake extended the lease just under the wire in August. Jake and the landlord ultimately agreed on sum of £5,000 . If he failed to meet the deadline, the amount would have escalated by at least £1,150.

Ilkeston case:

In 2014 we were called by Mrs J Reed who, having took over the lease of a basement apartment in Ilkeston in September 2012. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by an additional years. Similar properties in Ilkeston with an extended lease were worth £174,200. The average ground rent payable was £55 invoiced yearly. The lease concluded in 2077. Having 51 years outstanding we calculated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including legals.

Ilkeston case:

Last June we were phoned by Mr and Mrs. T Rose , who purchased a one bedroom apartment in Ilkeston in June 2002. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical properties in Ilkeston with an extended lease were valued about £285,000. The mid-range amount of ground rent was £45 billed quarterly. The lease concluded in 2097. Having 71 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including costs.