Why you should start your Crowland lease extension

Main reasons to start your Crowland lease extension today:

Increase your lease and increase your Crowland property value

The nearer a domestic lease in Crowland nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, beyond one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner rather than later. Most flat owners in Crowland will meet the qualifying criteria; however a conveyancing solicitor can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes under a certain unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to refinance your Crowland home.

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

Regardless of whether you are a tenant or a landlord in Crowland,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Crowland valuers.

Crowland Lease Extension Example Cases:

Kayleigh, Crowland, Lincolnshire,

In the wake of eight months of protracted negotiations with the landlord of her basement apartment in Crowland, Kayleigh initiated the lease extension process as the 80 year mark was swiftly coming. The lease extension completed in March 2005. The freeholder’s costs were kept to an absolute minimum.

Crowland case:

Mr J Fournier completed a recently refurbished apartment in Crowland in July 2009. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Similar properties in Crowland with an extended lease were worth £213,600. The mid-range amount of ground rent was £60 billed monthly. The lease came to a finish in 2083. Considering the 57 years remaining we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including legals.

Crowland case:

Last Summer we were e-mailed by Dr Y Cooper , who completed a studio flat in Crowland in June 1995. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative properties in Crowland with a long lease were valued around £200,000. The average ground rent payable was £50 invoiced quarterly. The lease expired in 2103. Considering the 77 years unexpired we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.