Top reasons for Arnold lease extension

Top reasons for lease extension now:

Increase your lease and increase your Arnold property value

Arnold residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

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

Leasehold residencies in Arnold with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not finance a property with a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Arnold were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Arnold lease extensions?

Retaining our service will provide you increased control over the value of your Arnold leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Arnold Lease Extension Case Studies:

Felix, Arnold, Nottinghamshire,

Felix was the the leasehold proprietor of a studio flat in Arnold being sold with a lease of a few days over fifty eight years outstanding. Felix informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Felix to exercise his statutory right. Felix procured expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Arnold case:

In 2013 we were approached by Mr and Mrs. O Parker who, having acquired a basement apartment in Arnold in January 2004. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Arnold with an extended lease were in the region of £208,600. The mid-range ground rent payable was £60 billed per annum. The lease concluded in 2083. Taking into account 57 years outstanding we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.

Arnold case:

In 2012 we were e-mailed by Mr C Nguyen who, having moved into a first floor flat in Arnold in May 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparative residencies in Arnold with 100 year plus lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease came to a finish in 2103. Having 77 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.