Why you should commence your Allenton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Allenton property value

The market value of Allenton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than eighty years

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not grant a mortgage with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you want to sell your flat in Allenton if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Allenton?

Lease extensions in Allenton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Allenton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Allenton Lease Extension Case Summaries:

Tommy, Allenton, Derbyshire

In 2014 Tommy, started to get near to the eighty-year mark with the lease on his purpose- built flat in Allenton. Having purchased his flat two decades ago, the lease term was of minimal concern. As luck would have it, he recognised he would soon be paying an inflated amount for a lease extension. Tommy arranged for a lease extension at the eleventh hour in August. Tommy and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If the lease had dipped lower than 80 years, the figure would have increased by at least £1,000.

Allenton case:

Last September we were phoned by Mr and Mrs. W Johnson , who bought a basement flat in Allenton in November 2007. The question was if we could approximate the premium would be for a 90 year extension to my lease. Comparable premises in Allenton with a long lease were valued around £290,000. The mid-range ground rent payable was £45 collected quarterly. The lease ended on 15 April 2098. Considering the 72 years outstanding we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 plus costs.

Allenton case:

In 2014 we were approached by Mr Adam White who, having purchased a basement apartment in Allenton in February 2007. The question was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical premises in Allenton with 100 year plus lease were valued about £233,200. The average amount of ground rent was £60 billed annually. The lease concluded in 2087. Having 61 years left we estimated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including fees.