Top reasons for Duffield lease extension

Main reasons to commence your Duffield lease extension today:

Increase your lease and increase your Duffield property value

The value of Duffield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is less than 80 years

Duffield property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 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 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not loan monies with a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is likely that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Duffield lease extensions?

The conveyancers that we work with handle Duffield lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Duffield Lease Extension Case Summaries:

Sam, Duffield, Derbyshire,

Sam owned a conversion flat in Duffield on the market with a lease of fraction over sixty years remaining. Sam on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sam to invoke his statutory right. Sam procured expert advice and secured satisfactory resolution without resorting to tribunal and readily saleable.

Duffield case:

Last Autumn we were contacted by Dr Matthew Gómez , who acquired a garden flat in Duffield in January 2003. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable premises in Duffield with an extended lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease expired on 15 March 2105. Taking into account 79 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Duffield case:

Dr S Nelson acquired a one bedroom apartment in Duffield in March 2005. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical homes in Duffield with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced every twelve months. The lease ran out in 2094. Taking into account 68 years left we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.