Why you should start your Adwick le Street lease extension

Why you should start your Adwick le Street lease extension today:

Increase your lease and increase your Adwick le Street property value

The value of Adwick le Street leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

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

Lending institutions may decide not to lend on a short lease

Lenders are really clamping down as regards to properties in Adwick le Street with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. 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 restricting the amount of potential purchasers.

Why use us for your lease extension in Adwick le Street?

Using our service will provide you increased control over the value of your Adwick le Street leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Adwick le Street Lease Extension Example Cases:

Kai, Adwick le Street, South Yorkshire,

Kai owned a conversion apartment in Adwick le Street on the market with a lease of a few days over 59 years remaining. Kai on an informal basis contacted his landlord a well known London-based freehold company and enquired on a premium to extend the lease. 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 £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Kai to invoke his statutory right. Kai obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Adwick le Street case:

In 2012 we were contacted by Mrs Yasmin Turner who, having acquired a recently refurbished apartment in Adwick le Street in November 2009. We are asked if we could approximate the price would be for a ninety year lease extension. Comparative residencies in Adwick le Street with an extended lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed annually. The lease ended in 2093. Considering the 67 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including expenses.

Adwick le Street case:

Last Christmas we were called by Dr Noah Lewis , who moved into a ground floor flat in Adwick le Street in July 2003. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Identical premises in Adwick le Street with an extended lease were in the region of £206,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease expiry date was on 9 January 2082. Having 56 years outstanding we approximated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.