Why you should start your Carlton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Carlton property value

On the balance of probabilities if you own a flat in Carlton you actually own a long leasehold interest over your property

Carlton property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties once you need to sell or remortgage your property as it will be practically unmortgageable. You might have no imminent plan to sell but when you do your purchaser must hold off for 2 years before being able to commence the legal procedures for an extension to the lease.

What makes us experts in Carlton lease extensions?

Using our service gives you increased control over the value of your Carlton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Carlton Lease Extension Case Summaries:

Alex, Carlton, Nottinghamshire,

Alex owned a studio flat in Carlton being sold with a lease of a few days over 72 years remaining. Alex informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Alex to exercise his statutory right. Alex procured expert legal guidance and was able to make an informed decision and handle with the matter and sell the flat.

Carlton case:

In 2009 we were phoned by Dr G Michel who, having owned a studio flat in Carlton in August 1995. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparative flats in Carlton with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 billed quarterly. The lease expired in 2094. Having 68 years unexpired we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including legals.

Carlton case:

Mr and Mrs. D Rogers was assigned a lease of a purpose-built apartment in Carlton in May 2002. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Identical premises in Carlton with a long lease were in the region of £208,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease came to a finish in 2083. Considering the 57 years unexpired we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including expenses.