Main reasons to start your Curdworth lease extension

Main reasons to start your Curdworth lease extension today:

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

There is no doubt about it a leasehold flat or house in Curdworth is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of 100 years remaining then this decrease may be fractional however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Curdworth will qualify for this right; however a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold properties in Curdworth with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lenders will not loan monies with a short lease

Lenders will not lend on short residential leases. You most probably experience problems where you wish to sell your flat in Curdworth if the remaining term of your lease is under the criteria set by most mortgage companies. Different mortgage companies have different requirements but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in Curdworth lease extensions?

Engaging our service will provide you enhanced control over the value of your Curdworth leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Curdworth Lease Extension Case Summaries:

Milo, Curdworth, Warwickshire

Last year Milo, started to get close to the eighty-year mark with the lease on his purpose- built flat in Curdworth. In buying his home two decades ago, the length of the lease was of minimal bearing. Luckily, he realised he needed to take steps soon on a lease extension. Milo extended the lease just in the nick of time in June. Milo and the landlord eventually agreed on the final figure of £5,000 . If the lease had descended below 80 years, the figure would have become more costly by a minimum £950.

Curdworth case:

In 2013 we were phoned by Ms N Lefèvre who, having bought a ground floor apartment in Curdworth in September 2003. The question was if we could approximate the price would likely be to prolong the lease by 90 years. Comparative residencies in Curdworth with a long lease were in the region of £267,600. The mid-range ground rent payable was £65 billed yearly. The lease came to a finish on 27 March 2093. Given that there were 67 years unexpired we estimated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 plus legals.

Curdworth case:

Mr and Mrs. S Ricardo was assigned a lease of a basement flat in Curdworth in May 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Similar properties in Curdworth with 100 year plus lease were worth £206,200. The average ground rent payable was £60 invoiced per annum. The lease finished in 2082. Having 56 years unexpired we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of expenses.