Main reasons to commence your Coalville lease extension

Main reasons to commence your Coalville lease extension today:

Increase your lease and increase your Coalville property value

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

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

Leasehold residencies in Coalville with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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 estate charges warrant it.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Coalville with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

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

Lease extensions in Coalville can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 dealing with Coalville lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Coalville Lease Extension Case Studies:

Ibrahim, Coalville, Leicestershire

In recent months Ibrahim, started to get close to the 80-year mark with the lease on his ground floor apartment in Coalville. Having purchased his home 18 years previously, the length of the lease was of minimal significance. Luckily, he noticed he needed to take steps soon on a lease extension. Ibrahim extended the lease at the eleventh hour in March. Ibrahim and the landlord who owned the flat above subsequently agreed on the final figure of £5,500 . If he had missed the deadline, the figure would have increased by at least £1,075.

Coalville case:

Last Spring we were e-mailed by Mr Adam Moreau , who took over the lease of a basement flat in Coalville in August 2010. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by a further 90 years. Similar residencies in Coalville with a long lease were valued about £208,600. The average amount of ground rent was £60 billed every twelve months. The lease expired in 2083. Taking into account 57 years unexpired we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 plus legals.

Coalville case:

Mr and Mrs. R Phillips purchased a one bedroom apartment in Coalville in June 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Coalville with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 invoiced every twelve months. The lease finished in 2103. Considering the 77 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.