Top reasons for Earl Shilton lease extension

Why you should start your Earl Shilton lease extension today:

Increase your lease and increase your Earl Shilton property value

On the balance of probabilities where you own a flat in Earl Shilton you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term 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 equivalent in value to a freehold for decades to come.

Lending institutions may decide not to finance a property on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Earl Shilton lease extensions?

Engaging our service will provide you enhanced control over the value of your Earl Shilton leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Earl Shilton Lease Extension Example Cases:

Poppy, Earl Shilton, Leicestershire,

Following protracted negotiations with the landlord of her leasehold apartment in Earl Shilton, Poppy commenced the lease extension process as the eighty year threshold was fast nearing. The transaction completed in October 2010. The landlord’s fees were kept to an absolute minimum.

Earl Shilton case:

Dr Ali Sánchez owned a one bedroom apartment in Earl Shilton in May 1995. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative premises in Earl Shilton with an extended lease were valued about £240,600. The mid-range ground rent payable was £60 billed per annum. The lease concluded in 2088. Taking into account 62 years unexpired we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including costs.

Earl Shilton case:

Dr O Turner purchased a purpose-built flat in Earl Shilton in February 2002. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Earl Shilton with a long lease were worth £174,200. The average amount of ground rent was £55 invoiced every twelve months. The lease lapsed on 25 October 2077. Considering the 51 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.