Why you should commence your Duston lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Duston you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be insufficient for lending purposes.

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

Irrespective of whether you are a tenant or a landlord in Duston,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Duston valuers.

Duston Lease Extension Example Cases:

Sebastian, Duston, Northamptonshire,

Sebastian was the the leasehold owner of a studio apartment in Duston being marketed with a lease of fraction over fifty eight years unexpired. Sebastian on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to exercise his statutory right. Sebastian obtained expert legal guidance and secured satisfactory deal informally and readily saleable.

Duston case:

Last Summer we were contacted by Mr E Morris , who was assigned a lease of a ground floor apartment in Duston in August 2008. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Comparative residencies in Duston with an extended lease were in the region of £205,000. The average ground rent payable was £50 collected annually. The lease finished in 2104. Having 78 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Duston case:

Last October we were e-mailed by Mr and Mrs. R Cook , who completed a one bedroom flat in Duston in September 1998. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Identical flats in Duston with 100 year plus lease were valued about £267,600. The average ground rent payable was £65 invoiced annually. The lease expired in 2093. Taking into account 67 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £14,300 and £16,400 not including legals.