Top reasons for Matlock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Matlock property value

For anyone whose Matlock property is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Matlock with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective buyers.

What makes us experts in Matlock lease extensions?

The lawyers that we work with procure Matlock 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.

Matlock Lease Extension Case Summaries:

Rebecca, Matlock, Derbyshire,

Trailing lengthy discussions with the landlord of her two bedroom flat in Matlock, Rebecca commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The transaction completed in February 2014. The freeholder’s charges were kept to an absolute minimum.

Matlock case:

Last January we were approach by Mr and Mrs. E Nelson , who took over the lease of a ground floor apartment in Matlock in October 2009. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar premises in Matlock with an extended lease were valued about £260,200. The mid-range amount of ground rent was £65 billed quarterly. The lease termination date was in 2092. Taking into account 66 years left we estimated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 plus costs.

Matlock case:

Mrs U Nelson purchased a one bedroom flat in Matlock in July 2003. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Similar homes in Matlock with an extended lease were worth £198,800. The mid-range amount of ground rent was £55 invoiced monthly. The lease came to a finish on 6 July 2081. Taking into account 55 years unexpired we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including professional charges.