Why you should start your Aston on Trent lease extension

Main reasons to commence your Aston on Trent lease extension today:

Increase your lease and increase your Aston on Trent property value

The closer a domestic lease in Aston on Trent gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Aston on Trent will qualify for this right; however a conveyancer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Aston on Trent property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by lenders has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely 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.

Why use us for your lease extension in Aston on Trent?

The conveyancing solicitors that we work with undertake Aston on Trent lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Aston on Trent Lease Extension Example Cases:

Molly, Aston on Trent, Derbyshire,

Off the back of protracted negotiations with the landlord of her ground floor apartment in Aston on Trent, Molly commenced the lease extension process as the eighty year threshold was swiftly nearing. The lease extension was finalised in June 2012. The freeholder’s charges were restricted to about 550 pounds.

Aston on Trent case:

Dr Hugo Brooks bought a studio apartment in Aston on Trent in April 2004. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Similar flats in Aston on Trent with 100 year plus lease were valued about £257,800. The mid-range ground rent payable was £65 invoiced monthly. The lease expired in 2091. Having 65 years unexpired we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 not including costs.

Aston on Trent case:

Mr Lucas Moreau purchased a studio flat in Aston on Trent in January 1995. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by ninety years. Comparative premises in Aston on Trent with an extended lease were valued about £191,400. The average ground rent payable was £55 collected yearly. The lease ran out on 24 July 2080. Given that there were 54 years unexpired we estimated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 plus fees.