Why you should commence your Cotgrave lease extension

Main reasons to commence your Cotgrave lease extension today:

Increase your lease and increase your Cotgrave property value

The re-sale value of a leasehold property in Cotgrave is impacted by how many years the lease has left to run. If it is near to or fewer than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that all matters can be finalised ahead of the eighty year mark. Current legislation entitles Cotgrave qualifying lessees to acquire a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

Almost all mortgage companies require a lengthy amount of time left on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Cotgrave lease extensions?

The conveyancers that we work with handle Cotgrave lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Cotgrave Lease Extension Case Studies:

Alicia, Cotgrave, Nottinghamshire,

In the wake of 6 months of unsuccessful correspondence with the freeholder of her two bedroom apartment in Cotgrave, Alicia commenced the lease extension process as the eighty year threshold was rapidly advancing. The lease extension was finalised in January 2006. The landlord’s charges were restricted to less than 600 GBP.

Cotgrave case:

Mr and Mrs. C Lewis moved into a newly refurbished apartment in Cotgrave in July 2005. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical homes in Cotgrave with an extended lease were in the region of £186,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease terminated in 2084. Considering the 58 years left we approximated the premium to the freeholder for the lease extension to be between £24,700 and £28,600 exclusive of legals.

Cotgrave case:

Last Winter we were approach by Mr and Mrs. R Brooks , who acquired a studio flat in Cotgrave in November 2004. The question was if we could approximate the price could be to prolong the lease by 90 years. Similar flats in Cotgrave with a long lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease elapsed in 2095. Considering the 69 years unexpired we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus fees.