Main reasons to commence your Aston on Trent lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aston on Trent property value

Chances are that if you own a flat in Aston on Trent you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. Historically mortgage companies were content with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Aston on Trent lease extensions?

Regardless of whether you are a tenant or a freeholder in Aston on Trent,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Aston on Trent valuers.

Aston on Trent Lease Extension Case Summaries:

Harvey, Aston on Trent, Derbyshire

Half a year ago Harvey, came very near to the 80-year mark with the lease on his purpose- built apartment in Aston on Trent. In buying his property two decades ago, the unexpired term was of little concern. Thankfully, he noticed he would soon be paying an escalated premium for Extending the lease. Harvey was able to extend his lease just in the nick of time last January. Harvey and the freeholder via the management company ultimately settled on a premium of £5,500 . If the lease had dipped to less than 80 years, the price would have become more exhorbitant by a minimum £1,100.

Aston on Trent case:

Mrs Ellie Lefebvre moved into a one bedroom flat in Aston on Trent in November 1998. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable homes in Aston on Trent with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease termination date was on 8 May 2106. Taking into account 80 years outstanding we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.

Aston on Trent case:

In 2010 we were e-mailed by Mr R Petit who, having bought a purpose-built flat in Aston on Trent in March 2010. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Aston on Trent with an extended lease were valued about £275,000. The average amount of ground rent was £45 collected annually. The lease came to a finish in 2095. Taking into account 69 years outstanding we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including expenses.