Top reasons for Repton lease extension

Why you should start your Repton lease extension today:

A Repton lease depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Repton depends on how many years the lease has remaining. If it is close to or less than eighty years you should envisage difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to commence the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed prior to the 80 year threshold. Statute entitles Repton qualifying lessees to a 90 year extension added to their remaining lease term (ie if your lease has 50 years remaining the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

Repton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Repton with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not lend on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be inadequate security.

Why use us for your lease extension in Repton?

The conveyancing solicitors that we work with procure Repton 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.

Repton Lease Extension Example Cases:

Ellie, Repton, Derbyshire,

Subsequent to unsuccessful discussions with the landlord of her basement apartment in Repton, Ellie initiated the lease extension process as the 80 year threshold was fast nearing. The transaction completed in June 2005. The landlord’s charges were negotiated to slightly above six hundred GBP.

Repton case:

Last October we were approach by Dr U Harris , who purchased a purpose-built apartment in Repton in November 1996. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Similar homes in Repton with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expired on 28 June 2103. Given that there were 77 years remaining we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.

Repton case:

Last Autumn we were phoned by Mr and Mrs. F Thomas , who purchased a garden apartment in Repton in October 1999. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparative residencies in Repton with a long lease were valued about £183,600. The average ground rent payable was £65 billed yearly. The lease came to a finish on 26 March 2083. Having 57 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.