Why you should start your Calverton lease extension

Main reasons to start your Calverton lease extension today:

Increase your lease and increase your Calverton property value

Calverton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Calverton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Calverton you would be well advised to see if your lease has between seventy and 90 years remaining. There are compelling reasons why a Calverton leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is put in place without delay

Calverton property with a lease extension is almost the same value as a freehold

Leasehold properties in Calverton with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not finance a property on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be deficient for lending purposes.

What makes us experts in Calverton lease extensions?

Retaining our service will provide you increased control over the value of your Calverton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Calverton Lease Extension Example Cases:

Cameron, Calverton, Nottinghamshire

Two years ago Cameron, came dangerously near to the 80-year mark with the lease on his one bedroom flat in Calverton. Having purchased his flat 18 years previously, the lease term was of little concern. Luckily, it dawned on him that he needed to take steps soon on a lease extension. Cameron arranged for a lease extension just ahead of time in July. Cameron and the freeholder subsequently settled on an amount of £6,000 . If he had missed the deadline, the price would have gone up by a minimum £900.

Calverton case:

Last Spring we were e-mailed by Dr B Baker , who completed a newly refurbished apartment in Calverton in July 2009. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Similar properties in Calverton with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 invoiced annually. The lease elapsed in 2086. Having 60 years remaining we approximated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.

Calverton case:

Dr T Howard bought a garden apartment in Calverton in July 2005. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Calverton with an extended lease were in the region of £210,000. The average amount of ground rent was £50 collected every twelve months. The lease elapsed in 2106. Taking into account 80 years left we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including fees.