Why you should start your Broughton Astley lease extension

Why you should start your Broughton Astley lease extension today:

A Broughton Astley lease depreciates with the years remaining on the lease.

The closer a domestic lease in Broughton Astley gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, more than 100 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Broughton Astley will meet the qualifying criteria; however a conveyancing solicitor can confirm if you qualify for a lease extension. 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.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Broughton Astley with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting the amount of potential purchasers.

What makes us experts in Broughton Astley lease extensions?

Lease extensions in Broughton Astley can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Broughton Astley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Broughton Astley Lease Extension Case Summaries:

Eleanor, Broughton Astley, Leicestershire,

Following lengthy correspondence with the landlord of her leasehold apartment in Broughton Astley, Eleanor commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension was concluded in January 2010. The landlord’s fees were kept to an absolute minimum.

Broughton Astley case:

In 2011 we were approached by Mrs W Bennett who, having was assigned a lease of a purpose-built apartment in Broughton Astley in September 2002. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Similar properties in Broughton Astley with 100 year plus lease were valued around £300,000. The average amount of ground rent was £50 invoiced annually. The lease terminated in 2102. Taking into account 76 years unexpired we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus costs.

Broughton Astley case:

Last July we were e-mailed by Dr Y Mason , who bought a one bedroom apartment in Broughton Astley in November 2009. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparable residencies in Broughton Astley with 100 year plus lease were worth £257,800. The mid-range amount of ground rent was £65 billed monthly. The lease expired on 24 October 2091. Taking into account 65 years left we calculated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of fees.