Main reasons to commence your Desford lease extension

Main reasons to commence your Desford lease extension today:

Increase your lease and increase your Desford property value

With a long leasehold premises in Desford, you are in fact renting it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably when there are fewer than eighty years left. Leasehold owners in Desford with a lease approaching 81 years unexpired should seriously consider extending it sooner rather than later. Once the lease term has less than 80 years left, under the relevant statute the landlord can calculate and demand a greater premium, assessed on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold premises in Desford with over one hundred years unexpired 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 home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Banks and building societies will not lend on short residential leases. You most probably experience problems where you wish to sell your flat in Desford if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

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

Lease extensions in Desford can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge dealing with Desford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Desford Lease Extension Case Studies:

Isabella, Desford, Leicestershire,

Off the back of lengthy negotiations with the landlord of her ground floor apartment in Desford, Isabella commenced the lease extension process just as the lease was approaching the all-important 80-year deadline. The legal work was concluded in October 2006. The landlord’s charges were kept to an absolute minimum.

Desford case:

Last Autumn we were e-mailed by Ms Y Lefebvre , who owned a purpose-built flat in Desford in July 2009. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparable residencies in Desford with 100 year plus lease were worth £255,000. The average amount of ground rent was £50 collected quarterly. The lease expired in 2097. Taking into account 71 years left we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Desford case:

Mr and Mrs. K Sharif was assigned a lease of a first floor apartment in Desford in April 2004. We are asked if we could approximate the premium could be to extend the lease by 90 years. Identical homes in Desford with an extended lease were worth £254,200. The average amount of ground rent was £60 billed per annum. The lease terminated on 11 January 2077. Having 51 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of professional charges.