Main reasons to commence your Armthorpe lease extension

Why you should start your Armthorpe lease extension today:

Increase your lease and increase your Armthorpe property value

Armthorpe leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Armthorpe will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.

An extended lease 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 same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders may decide not to loan monies with a short lease

Most high street banks are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Given that many flats in Armthorpe were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Get in touch with one of our Armthorpe lease extension solicitors or enfranchisement solicitors

Lease extensions in Armthorpe can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Armthorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Armthorpe Lease Extension Case Summaries:

Jodie, Armthorpe, South Yorkshire,

Following lengthy correspondence with the freeholder of her studio flat in Armthorpe, Jodie started the lease extension process just as the lease was approaching the critical 80-year mark. The transaction was finalised in July 2013. The landlord’s fees were kept to an absolute minimum.

Armthorpe case:

Last April we were phoned by Ms Amelia López , who was assigned a lease of a studio apartment in Armthorpe in September 2008. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar flats in Armthorpe with a long lease were valued about £193,400. The mid-range amount of ground rent was £65 billed annually. The lease came to a finish on 21 March 2085. Taking into account 59 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.

Armthorpe case:

Mr and Mrs. U Edwards purchased a basement apartment in Armthorpe in September 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative homes in Armthorpe with an extended lease were in the region of £255,000. The mid-range ground rent payable was £50 collected per annum. The lease finished in 2096. Taking into account 70 years remaining we approximated the premium to the freeholder for the lease extension to be between £10,500 and £12,000 plus expenses.