Main reasons to commence your Arley lease extension

Main reasons to start your Arley lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Arley may extend the lease for a further 90 years under legislation. Do give careful consideration before delaying your Arley lease extension. Postponing the costs today simply increases the amount you will eventually be required to pay for a lease extension.

Arley property with a lease extension is almost the same value as a freehold

Leasehold premises in Arley with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not lend with a short lease

Many mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Arley property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Arley?

Retaining our service will provide you better control over the value of your Arley leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Arley Lease Extension Example Cases:

Lydia, Arley, Warwickshire,

Subsequent to lengthy correspondence with the landlord of her purpose-built flat in Arley, Lydia commenced the lease extension process just as her lease was approaching the crucial eighty-year mark. The transaction completed in August 2015. The landlord’s costs were kept to an absolute minimum.

Arley case:

Last month we were contacted by Dr Y Lefèvre , who acquired a one bedroom apartment in Arley in January 2007. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Comparable flats in Arley with an extended lease were worth £203,200. The average ground rent payable was £65 collected annually. The lease ran out on 17 April 2087. Considering the 61 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including expenses.

Arley case:

In 2013 we were phoned by Ms F Richardson who, having was assigned a lease of a first floor flat in Arley in April 2012. We are asked if we could approximate the price could be for a ninety year lease extension. Similar homes in Arley with an extended lease were worth £260,000. The mid-range ground rent payable was £50 collected yearly. The lease expired in 2098. Taking into account 72 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.