Top reasons for Darley Abbey lease extension

Main reasons to start your Darley Abbey lease extension today:

Increase your lease and increase your Darley Abbey property value

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lenders may not lend with a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering plenty of flats in Darley Abbey were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Darley Abbey?

Using our service will provide you increased control over the value of your Darley Abbey leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Darley Abbey Lease Extension Case Studies:

Eli, Darley Abbey, Derbyshire

Half a year ago Eli, came perilously near to the 80-year mark with the lease on his studio apartment in Darley Abbey. Having bought his property two decades ago, the lease term was of minimal interest. by good luck, he noticed he needed to take steps soon on a lease extension. Eli was able to extend his lease at the eleventh hour in March. Eli and the landlord in the end settled on the final figure of £5,000 . If the lease had slid lower than 80 years, the amount would have escalated by at least £950.

Darley Abbey case:

In 2012 we were called by Ms H François who, having was assigned a lease of a garden flat in Darley Abbey in August 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Similar residencies in Darley Abbey with a long lease were worth £205,000. The average ground rent payable was £50 invoiced per annum. The lease expired on 6 June 2104. Taking into account 78 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.

Darley Abbey case:

Last Winter we were called by Mr and Mrs. U Collins , who moved into a ground floor apartment in Darley Abbey in August 2006. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical residencies in Darley Abbey with a long lease were valued around £267,600. The average ground rent payable was £65 collected per annum. The lease expiry date was on 9 October 2093. Having 67 years left we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 plus fees.