Top reasons for Anstey lease extension

Main reasons to commence your Anstey lease extension today:

A Anstey leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Anstey is a wasting asset as a result of the diminishing lease term. If the residual term has, in excess of 100 years to run then this decrease may be fractional however there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Many flat owners in Anstey will qualify for this right; that being said a lawyer will be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you need to sell your flat in Anstey if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have different requirements but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Anstey?

The conveyancing solicitors that we work with procure Anstey 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.

Anstey Lease Extension Case Studies:

Charlotte, Anstey, Leicestershire,

In the wake of 9 months of unsuccessful correspondence with the landlord of her first floor flat in Anstey, Charlotte commenced the lease extension process just as her lease was approaching the critical eighty-year mark. The transaction was finalised in August 2007. The landlord’s fees were kept to an absolute minimum.

Anstey case:

Mr Jasper Martin owned a first floor flat in Anstey in October 2005. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Comparative residencies in Anstey with 100 year plus lease were valued about £216,000. The mid-range amount of ground rent was £60 collected annually. The lease concluded in 2084. Taking into account 58 years left we calculated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.

Anstey case:

Last month we were e-mailed by Mrs P Mason , who took over the lease of a one bedroom flat in Anstey in November 2004. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Anstey with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected quarterly. The lease elapsed on 16 July 2104. Having 78 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.