Why you should start your Matlock lease extension

Main reasons to start your Matlock lease extension today:

Increase your lease and increase your Matlock property value

Matlock residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may not finance a property on a short lease

Mortgage companies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Matlock were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

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

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 conveyancer we work with provide it.

Matlock Lease Extension Example Cases:

Jonathan, Matlock, Derbyshire,

Jonathan owned a 2 bedroom apartment in Matlock being marketed with a lease of a little over 72 years unexpired. Jonathan on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder 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 Jonathan to exercise his statutory right. Jonathan obtained expert legal guidance and secured an acceptable resolution informally and sell the property.

Matlock case:

Mr and Mrs. S Williams was assigned a lease of a one bedroom flat in Matlock in September 2001. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Comparable flats in Matlock with an extended lease were in the region of £235,600. The average amount of ground rent was £60 billed every twelve months. The lease concluded in 2088. Given that there were 62 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of costs.

Matlock case:

Mr and Mrs. W Scott took over the lease of a studio flat in Matlock in July 1998. The question was if we could approximate the price could be to prolong the lease by 90 years. Comparable residencies in Matlock with a long lease were valued about £174,200. The mid-range amount of ground rent was £55 collected every twelve months. The lease expired in 2077. Given that there were 51 years left we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.