Main reasons to start your Coniston lease extension

Why you should start your Coniston lease extension today:

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

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

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

What makes us experts in Coniston lease extensions?

Regardless of whether you are a tenant or a landlord in Coniston,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 Coniston valuers.

Coniston Lease Extension Example Cases:

Archie, Coniston, Cumbria

In 2014 Archie, started to get near to the 80-year mark with the lease on his garden apartment in Coniston. Having purchased his flat two decades ago, the length of the lease was of minimal relevance. by good luck, he recognised he would soon be paying an escalated premium for Extending the lease. Archie was able to extend his lease just under the wire in July. Archie and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If he failed to meet the deadline, the figure would have gone up by a minimum £1,150.

Coniston case:

Mr N Green was assigned a lease of a recently refurbished apartment in Coniston in August 2000. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Coniston with 100 year plus lease were valued about £186,000. The mid-range amount of ground rent was £65 billed monthly. The lease came to a finish on 3 October 2084. Considering the 58 years unexpired we calculated the premium to the freeholder for the lease extension to be within £24,700 and £28,600 exclusive of fees.

Coniston case:

Mr and Mrs. O Bennett completed a garden flat in Coniston in July 2002. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Identical homes in Coniston with an extended lease were worth £250,000. The average ground rent payable was £50 billed quarterly. The lease ended on 7 October 2095. Taking into account 69 years outstanding we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including fees.