Top reasons for Coningsby lease extension

Top reasons for lease extension now:

A Coningsby leasehold property depreciates with the years remaining on the lease.

Coningsby leases on residential deteriorating in value. Where your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Coningsby will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check your eligibility. In certain situations you may not qualify. There are prescribed deadlines and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Coningsby with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may not finance a property on a short lease

Many banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Coningsby property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Coningsby?

Regardless of whether you are a tenant or a freeholder in Coningsby,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Coningsby valuers.

Coningsby Lease Extension Case Studies:

Benjamin, Coningsby, Lincolnshire,

Benjamin was the the leasehold owner of a 2 bedroom apartment in Coningsby on the market with a lease of a little over 59 years outstanding. Benjamin on an informal basis contacted his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Benjamin to invoke his statutory right. Benjamin obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Coningsby case:

Last Summer we were called by Dr T Ward , who acquired a studio flat in Coningsby in August 2005. The question was if we could approximate the price would be to prolong the lease by 90 years. Similar residencies in Coningsby with an extended lease were worth £275,000. The average ground rent payable was £65 billed yearly. The lease finished on 17 September 2094. Given that there were 68 years left we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.

Coningsby case:

In 2009 we were called by Dr F Lee who, having bought a purpose-built apartment in Coningsby in February 2010. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by a further 90 years. Comparative homes in Coningsby with an extended lease were worth £208,600. The average ground rent payable was £60 collected monthly. The lease concluded on 17 March 2083. Taking into account 57 years left we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including professional charges.