Top reasons for Edwinstowe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Edwinstowe property value

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Edwinstowe may extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Edwinstowe lease extension. Postponing the costs today simply increases the amount you will ultimately be required to pay for a lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Lenders will not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you wish to sell your flat in Edwinstowe if the unexpired term of your lease is under the criteria set by most mortgage companies. Different lenders have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Edwinstowe lease extensions?

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

Edwinstowe Lease Extension Case Summaries:

Hugo, Edwinstowe, Nottinghamshire

Last Spring Hugo, started to get near to the 80-year mark with the lease on his ground floor flat in Edwinstowe. Having purchased his home 19 years previously, the unexpired term was of minimal concern. Luckily, he noticed he needed to take action soon on Extending the lease. Hugo was able to extend his lease just under the wire last January. Hugo and the landlord who owned the flat above subsequently agreed on a premium of £5,000 . If he not met the deadline, the figure would have increased by a minimum £975.

Edwinstowe case:

In 2012 we were approached by Dr Caitlin Alexander who, having owned a garden flat in Edwinstowe in June 2000. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Identical homes in Edwinstowe with a long lease were worth £285,000. The mid-range amount of ground rent was £45 billed monthly. The lease ran out in 2097. Given that there were 71 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including professional charges.

Edwinstowe case:

Last Christmas we were e-mailed by Mrs Bethany Allen , who owned a recently refurbished flat in Edwinstowe in May 2011. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative residencies in Edwinstowe with 100 year plus lease were valued about £225,800. The mid-range ground rent payable was £60 collected per annum. The lease concluded in 2086. Taking into account 60 years unexpired we approximated the premium to the landlord for the lease extension to be between £24,700 and £28,600 not including professional charges.