Top reasons for Cowes lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cowes property value

For anyone whose Cowes flat is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.

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

Leasehold residencies in Cowes with over 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions will not finance a property on a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to experience problems if you wish to sell your flat in Cowes if the remaining lease term is less than the criteria set by the majority of mortgage companies. Different lenders have varying criteria but generally theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Cowes?

Lease extensions in Cowes can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Cowes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cowes Lease Extension Example Cases:

Milo, Cowes, Isle Of Wight,

Milo owned a high value apartment in Cowes being marketed with a lease of just over 59 years left. Milo on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Milo to invoke his statutory right. Milo obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.

Cowes case:

Last Autumn we were phoned by Dr S Collins , who purchased a one bedroom apartment in Cowes in February 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Similar homes in Cowes with an extended lease were in the region of £255,000. The average amount of ground rent was £50 collected per annum. The lease concluded on 6 April 2096. Taking into account 70 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.

Cowes case:

Mr D Cox took over the lease of a garden flat in Cowes in July 2001. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable properties in Cowes with an extended lease were in the region of £246,800. The mid-range ground rent payable was £60 billed monthly. The lease elapsed in 2076. Considering the 50 years remaining we estimated the premium to the landlord to extend the lease to be between £44,700 and £51,600 exclusive of fees.