Why you should start your Crick lease extension

Why you should commence your Crick lease extension today:

Increase your lease and increase your Crick property value

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Crick with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to finance a property on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience difficulties if you need to sell your flat in Crick if the unexpired term of your lease is less than the criteria set by most lenders. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Crick?

The lawyers that we work with undertake Crick 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 lawyer we work with provide it.

Crick Lease Extension Example Cases:

Tommy, Crick, Northamptonshire,

Tommy owned a high value flat in Crick being marketed with a lease of just over 59 years left. Tommy informally spoke with his freeholder a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Tommy to invoke his statutory right. Tommy obtained expert advice and was able to make a more informed decision and deal with the matter and sell the property.

Crick case:

Mrs Lily Stewart owned a one bedroom apartment in Crick in October 1999. We are asked if we could approximate the price would be for a ninety year extension to my lease. Comparable flats in Crick with an extended lease were worth £264,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease finished in 2079. Taking into account 53 years remaining we calculated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 not including professional charges.

Crick case:

Last September we were approach by Mr James David , who took over the lease of a first floor apartment in Crick in April 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparable premises in Crick with a long lease were worth £225,400. The mid-range amount of ground rent was £45 invoiced annually. The lease finished in 2090. Given that there were 64 years outstanding we calculated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus expenses.