Why you should commence your Clifton Village lease extension

Main reasons to start your Clifton Village lease extension today:

Increase your lease and increase your Clifton Village property value

Clifton Village residential property held on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

Clifton Village property with a lease extension has roughly 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 further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Clifton Village if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Get in touch with one of our Clifton Village lease extension solicitors or enfranchisement solicitors

Lease extensions in Clifton Village can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.

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 in-depth market knowledge procuring Clifton Village lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Clifton Village Lease Extension Example Cases:

Owen, Clifton Village, Nottinghamshire

Last October Owen, started to get close to the 80-year mark with the lease on his purpose- built apartment in Clifton Village. Having purchased his home two decades ago, the length of the lease was of minimal relevance. Thankfully, he recognised he needed to take steps soon on a lease extension. Owen extended the lease at the eleventh hour in January. Owen and the landlord who owned the flat above subsequently agreed on sum of £6,000 . If the lease had descended to less than eighty years, the price would have escalated by at least £950.

Clifton Village case:

In 2012 we were contacted by Mr and Mrs. A Reed who, having bought a one bedroom flat in Clifton Village in March 1999. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Identical properties in Clifton Village with a long lease were worth £285,000. The mid-range ground rent payable was £55 billed yearly. The lease expired on 4 March 2105. Having 79 years as a residual term we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 plus fees.

Clifton Village case:

In 2012 we were approached by Dr Daniel Leroy who, having bought a purpose-built flat in Clifton Village in September 2002. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar properties in Clifton Village with an extended lease were worth £193,400. The average amount of ground rent was £65 invoiced annually. The lease ended in 2085. Taking into account 59 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including expenses.