Main reasons to start your Countesthorpe lease extension

Main reasons to commence your Countesthorpe lease extension today:

Increase your lease and increase your Countesthorpe property value

Countesthorpe leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the existing lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in Countesthorpe will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has commenced so it’s wise to be guided by a conveyancer during the process.

Countesthorpe property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Countesthorpe if the remaining term of your lease is less than the criteria set by most mortgage companies. Different lenders have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Countesthorpe lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Countesthorpe leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Countesthorpe Lease Extension Case Summaries:

Charlotte, Countesthorpe, Leicestershire,

Trailing protracted discussions with the freeholder of her garden flat in Countesthorpe, Charlotte started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work was finalised in February 2006. The landlord’s fees were kept to an absolute minimum.

Countesthorpe case:

Last January we were phoned by Mrs Samantha Green , who took over the lease of a first floor apartment in Countesthorpe in October 2002. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Countesthorpe with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed yearly. The lease ran out on 17 January 2099. Given that there were 73 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.

Countesthorpe case:

In 2012 we were contacted by Mr and Mrs. I Adams who, having completed a one bedroom apartment in Countesthorpe in January 2002. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Identical properties in Countesthorpe with 100 year plus lease were valued about £240,600. The average amount of ground rent was £60 invoiced quarterly. The lease elapsed in 2088. Considering the 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.