Main reasons to start your Coventry lease extension

Why you should commence your Coventry lease extension today:

Increase your lease and increase your Coventry property value

The value of Coventry leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is less than 80 years

Coventry property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your Coventry property being difficult to sell or remortgage.

What makes us experts in Coventry lease extensions?

The conveyancers that we work with handle Coventry 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.

Coventry Lease Extension Example Cases:

Alex, Coventry, Warwickshire

In recent months Alex, came precariously close to the eighty-year threshold with the lease on his one bedroom apartment in Coventry. In buying his home twenty years ago, the unexpired term was of no importance. by good luck, he realised he would imminently be paying way over the odds for Extending the lease. Alex was able to extend his lease at the eleventh hour last January. Alex and the freeholder ultimately settled on the final figure of £5,000 . If the lease had descended below eighty years, the sum would have gone up by at least £950.

Coventry case:

Mr and Mrs. U Ricardo was assigned a lease of a purpose-built flat in Coventry in August 2004. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparable residencies in Coventry with 100 year plus lease were valued around £254,200. The average ground rent payable was £60 collected every twelve months. The lease terminated on 3 May 2077. Taking into account 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 not including fees.

Coventry case:

In 2009 we were contacted by Mr and Mrs. R Bernard who, having took over the lease of a one bedroom flat in Coventry in March 1995. The question was if we could approximate the price could be to extend the lease by an additional years. Comparable premises in Coventry with an extended lease were valued around £210,600. The mid-range ground rent payable was £45 invoiced yearly. The lease concluded on 26 October 2088. Considering the 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 not including professional charges.