Top reasons for Ashby de la Zouch lease extension

Why you should start your Ashby de la Zouch lease extension today:

Increase your lease and increase your Ashby de la Zouch property value

Chances are that if you own a flat in Ashby de la Zouch you actually own a long leasehold interest over your property

Ashby de la Zouch property with a lease extension is almost the same value as a freehold

Leasehold properties in Ashby de la Zouch with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As plenty of flats in Ashby de la Zouch were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Get in touch with one of our Ashby de la Zouch lease extension solicitors or enfranchisement solicitors

Engaging our service gives you better control over the value of your Ashby de la Zouch leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ashby de la Zouch Lease Extension Case Summaries:

Henry, Ashby de la Zouch, Leicestershire,

Henry was the the leasehold owner of a conversion flat in Ashby de la Zouch being marketed with a lease of fraction over 61 years outstanding. Henry informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be payable on a lease extension were Henry to invoke his statutory right. Henry procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Ashby de la Zouch case:

Last Winter we were called by Dr Jasmine Morgan , who owned a ground floor apartment in Ashby de la Zouch in July 1997. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparable properties in Ashby de la Zouch with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 invoiced annually. The lease end date was in 2100. Taking into account 74 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.

Ashby de la Zouch case:

Last Summer we were phoned by Mr and Mrs. K Leroy , who owned a garden flat in Ashby de la Zouch in October 2010. The question was if we could approximate the price could be to extend the lease by ninety years. Similar properties in Ashby de la Zouch with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 collected monthly. The lease expired on 26 May 2080. Considering the 54 years left we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus costs.