Why you should commence your Common Edge lease extension

Why you should start your Common Edge lease extension today:

A Common Edge lease depreciates with the years remaining on the lease.

The market value of Common Edge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

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

Leasehold properties in Common Edge with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders will not finance a property on a short lease

Why use us for your lease extension in Common Edge?

Lease extensions in Common Edge can be a difficult process. We recommend you secure professional help from a lawyer and valuer 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 a wealth of experience procuring Common Edge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Common Edge Lease Extension Example Cases:

Evan, Common Edge, Lancashire,

Evan owned a studio flat in Common Edge being marketed with a lease of fraction over 61 years outstanding. Evan on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Evan to exercise his statutory right. Evan obtained expert advice and secured an acceptable deal informally and sell the flat.

Common Edge case:

Last Summer we were approach by Mr Luke Carter , who took over the lease of a recently refurbished apartment in Common Edge in November 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparable properties in Common Edge with an extended lease were valued around £242,600. The average ground rent payable was £45 billed per annum. The lease ended on 1 May 2093. Taking into account 67 years remaining we calculated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of costs.

Common Edge case:

Last year we were contacted by Mr and Mrs. L Baker , who took over the lease of a studio apartment in Common Edge in July 2009. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Common Edge with 100 year plus lease were valued around £280,000. The average ground rent payable was £55 invoiced every twelve months. The lease elapsed in 2104. Having 78 years remaining we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of fees.