Why you should start your Anston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Anston property value

The market value of a leasehold property in Anston is impacted by how long the lease has remaining. If it is close to or less than eighty years you should envisage difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that formalities can be addressed prior to the 80 year threshold. Current legislation entitles Anston qualifying lessees to an additional term of 90 years on top of the unexpired term, at a peppercorn rent (no ground rent). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

Anston property with a lease extension 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 same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Anston were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Anston lease extensions?

Irrespective of whether you are a tenant or a landlord in Anston,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Anston valuers.

Anston Lease Extension Example Cases:

Jack, Anston, South Yorkshire,

Jack was the the leasehold owner of a 2 bedroom flat in Anston on the market with a lease of a few days over 61 years left. Jack informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jack to invoke his statutory right. Jack obtained expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Anston case:

Mr and Mrs. J Mason took over the lease of a ground floor flat in Anston in August 2009. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Comparative premises in Anston with an extended lease were worth £295,000. The average ground rent payable was £50 billed annually. The lease finished on 8 October 2101. Taking into account 75 years remaining we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Anston case:

In 2010 we were approached by Mr D Mercier who, having acquired a first floor flat in Anston in September 2009. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparative residencies in Anston with an extended lease were valued about £250,400. The mid-range ground rent payable was £65 billed per annum. The lease terminated on 7 July 2090. Given that there were 64 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 not including legals.