Top reasons for Conisborough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Conisborough property value

The value of Conisborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic when you come to market or refinance your property as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your purchaser will have to hold off for 2 years before they can initiate the legal procedures for an extension to the lease.

What makes us experts in Conisborough lease extensions?

Irrespective of whether you are a tenant or a landlord in Conisborough,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Conisborough valuers.

Conisborough Lease Extension Case Summaries:

Sebastian, Conisborough, South Yorkshire,

Sebastian owned a 2 bedroom apartment in Conisborough on the market with a lease of a few days over sixty years outstanding. Sebastian on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian procured expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Conisborough case:

Last Summer we were called by Mr Jake King , who was assigned a lease of a basement apartment in Conisborough in May 2008. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar premises in Conisborough with an extended lease were in the region of £264,000. The mid-range ground rent payable was £60 invoiced annually. The lease concluded on 9 October 2079. Considering the 53 years left we estimated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of legals.

Conisborough case:

In 2010 we were called by Ms S Kelly who, having purchased a studio flat in Conisborough in November 2003. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar residencies in Conisborough with a long lease were in the region of £225,400. The average amount of ground rent was £45 collected per annum. The lease termination date was in 2090. Taking into account 64 years left we calculated the premium to the landlord for the lease extension to be within £16,200 and £18,600 not including professional charges.