Main reasons to commence your East Cowes lease extension

Why you should commence your East Cowes lease extension today:

Increase your lease and increase your East Cowes property value

The market value of East Cowes leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than 80 years

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

Leasehold residencies in East Cowes with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic as and when you wish to dispose of or remortgage your flat as it will be practically unmortgageable. You may have no imminent desire to sell but when you do your purchaser must wait 2 years before they can exercise the right to a an extension to the lease.

What makes us experts in East Cowes lease extensions?

Lease extensions in East Cowes can be a difficult process. We recommend you secure professional help 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 a wealth of experience dealing with East Cowes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

East Cowes Lease Extension Case Summaries:

Catherine, East Cowes, Isle Of Wight,

Off the back of protracted discussions with the landlord of her leasehold apartment in East Cowes, Catherine started the lease extension process just as the lease was approaching the critical 80-year mark. The lease extension completed in September 2015. The freeholder’s fees were negotiated to a tad over 650 pounds.

East Cowes case:

Mr and Mrs. D Flores took over the lease of a ground floor apartment in East Cowes in November 1998. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar residencies in East Cowes with a long lease were in the region of £181,200. The average amount of ground rent was £65 collected every twelve months. The lease lapsed in 2082. Having 56 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including costs.

East Cowes case:

Mr and Mrs. S Mitchell moved into a one bedroom apartment in East Cowes in August 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Comparative homes in East Cowes with a long lease were worth £242,600. The mid-range ground rent payable was £45 collected per annum. The lease concluded on 25 November 2093. Having 67 years unexpired we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus costs.