Top reasons for Curdworth lease extension

Why you should commence your Curdworth lease extension today:

A Curdworth leasehold property depreciates with the years remaining on the lease.

Curdworth leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Curdworth tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Curdworth you really ought to check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not finance a property on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You most probably encounter problems if you need to sell your flat in Curdworth if the remaining lease term is under the criteria set by most mortgage companies. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least seventy years.

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

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

Curdworth Lease Extension Case Studies:

Noah, Curdworth, Warwickshire

Half a year ago Noah, came very close to the eighty-year mark with the lease on his basement apartment in Curdworth. In buying his flat two decades ago, the lease term was of minimal importance. Fortunately, he realised he would soon be paying way over the odds for a lease extension. Noah arranged for a lease extension just in the nick of time last May. Noah and the freeholder via the management company eventually agreed on sum of £5,000 . If the lease had slid below eighty years, the sum would have become more exhorbitant by a minimum £1,150.

Curdworth case:

Mr and Mrs. P Reed was assigned a lease of a ground floor apartment in Curdworth in November 2008. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar residencies in Curdworth with 100 year plus lease were valued around £198,800. The average ground rent payable was £55 collected per annum. The lease lapsed on 22 August 2081. Considering the 55 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of legals.

Curdworth case:

Last May we were called by Ms S Lefebvre , who was assigned a lease of a studio flat in Curdworth in April 2006. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by a further 90 years. Comparable residencies in Curdworth with a long lease were valued about £300,000. The average ground rent payable was £50 billed yearly. The lease ended on 3 January 2101. Taking into account 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.