Main reasons to commence your Atherstone lease extension

Why you should start your Atherstone lease extension today:

A Atherstone leasehold property depreciates with the years remaining on the lease.

The market value of Atherstone leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Atherstone with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not grant a mortgage on a short lease

Many banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so where they can't get a mortgage, then the market price of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Atherstone?

Retaining our service gives you increased control over the value of your Atherstone leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Atherstone Lease Extension Case Summaries:

Gabriel, Atherstone, Warwickshire,

Gabriel was the the leasehold proprietor of a 2 bedroom flat in Atherstone being marketed with a lease of fraction over 61 years left. Gabriel on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Gabriel to exercise his statutory right. Gabriel procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Atherstone case:

Ms F Martin completed a purpose-built flat in Atherstone in June 1998. The dilemma was if we could approximate the premium would be to extend the lease by an additional years. Comparative premises in Atherstone with an extended lease were worth £275,000. The average ground rent payable was £55 invoiced quarterly. The lease terminated in 2101. Considering the 76 years remaining we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Atherstone case:

In 2013 we were approached by Ms Aimee Garcia who, having completed a studio flat in Atherstone in August 2008. We are asked if we could approximate the price would be to prolong the lease by 90 years. Comparable residencies in Atherstone with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 invoiced every twelve months. The lease came to a finish on 25 April 2081. Having 56 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of expenses.