Top reasons for East Leake lease extension

Why you should start your East Leake lease extension today:

Increase your lease and increase your East Leake property value

East Leake leases on domestic deteriorating in value. if your lease has about ninety years unexpired, you should start thinking about a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in East Leake will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancer during the process.

East Leake property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to lend on a short lease

Most mortgage lenders require a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they are unable to obtain a mortgage, then the market price of your property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

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

Irrespective of whether you are a tenant or a freeholder in East Leake,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with East Leake valuers.

East Leake Lease Extension Case Studies:

Jack, East Leake, Nottinghamshire

Last October Jack, started to get close to the 80-year mark with the lease on his two bedroom apartment in East Leake. In buying his flat two decades ago, the unexpired term was of minimal importance. Thankfully, he became aware that he needed to take action soon on a lease extension. Jack arranged for a lease extension at the eleventh hour last July. Jack and the landlord eventually agreed on a premium of £5,500 . If he had missed the deadline, the price would have become more exhorbitant by at least £900.

East Leake case:

Last month we were phoned by Mrs R Hill , who acquired a one bedroom apartment in East Leake in March 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in East Leake with 100 year plus lease were worth £218,400. The mid-range amount of ground rent was £60 billed yearly. The lease elapsed in 2085. Taking into account 59 years outstanding we approximated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.

East Leake case:

Mr and Mrs. D Bailey completed a one bedroom flat in East Leake in January 2001. We are asked if we could approximate the price could be to prolong the lease by 90 years. Similar residencies in East Leake with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 collected yearly. The lease lapsed on 16 January 2105. Having 79 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.