Main reasons to commence your Matlock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Matlock property value

With a residential leasehold premises in Matlock, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are less than eighty years remaining. Residents in Matlock with a lease approaching 81 years left should seriously consider extending it sooner than later. Once the lease term has under 80 years outstanding, under the relevant statute the freeholder is entitled to calculate and demand a greater premium, based on a technical computation, known as “marriage value” which is payable.

Matlock property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to lend on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering plenty of flats in Matlock were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Matlock lease extensions?

The conveyancers 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 Example Cases:

Samantha, Matlock, Derbyshire,

In the wake of eight months of lengthy correspondence with the freeholder of her two bedroom flat in Matlock, Samantha started the lease extension process as the eighty year deadline was swiftly nearing. The transaction was concluded in October 2007. The landlord’s charges were kept to an absolute minimum.

Matlock case:

Mr and Mrs. S Morel took over the lease of a studio flat in Matlock in November 2012. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Similar properties in Matlock with an extended lease were worth £166,800. The average amount of ground rent was £50 billed annually. The lease ended in 2076. Having 50 years remaining we estimated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including expenses.

Matlock case:

Last Christmas we were contacted by Mr Finley Campbell , who owned a basement flat in Matlock in July 2000. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Comparable premises in Matlock with an extended lease were valued around £280,000. The mid-range ground rent payable was £45 collected yearly. The lease terminated on 13 September 2096. Having 70 years outstanding we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.