Why you should start your Crick lease extension

Main reasons to commence your Crick lease extension today:

Increase your lease and increase your Crick property value

Crick leases on domestic properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Crick will mostly qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not lend on a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Crick were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Crick lease extensions?

Lease extensions in Crick can be a difficult process. We recommend you procure professional help from a conveyancer 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 a wealth of experience dealing with Crick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Crick Lease Extension Example Cases:

Imogen, Crick, Northamptonshire,

Subsequent to unsuccessful negotiations with the landlord of her purpose-built apartment in Crick, Imogen commenced the lease extension process as the 80 year threshold was swiftly nearing. The transaction completed in January 2007. The freeholder’s fees were negotiated to slightly above 700 GBP.

Crick case:

Ms S Petit purchased a basement flat in Crick in October 2011. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Crick with 100 year plus lease were worth £260,000. The average ground rent payable was £50 billed every twelve months. The lease elapsed on 17 June 2098. Given that there were 72 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including legals.

Crick case:

Last November we were approach by Mr and Mrs. I Martin , who bought a one bedroom flat in Crick in July 2007. We are asked if we could approximate the price would be to extend the lease by ninety years. Identical residencies in Crick with a long lease were worth £261,600. The mid-range amount of ground rent was £60 invoiced annually. The lease termination date was on 23 October 2078. Having 52 years remaining we approximated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 exclusive of expenses.