Why you should start your Edwinstowe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Edwinstowe property value

Edwinstowe leases on residential deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the current lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in Edwinstowe will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not be entitled. There are prescribed timetables and formalities to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth roughly the same 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 ahead.

Lending institutions may not issue a mortgage with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the unexpired lease term required by banks has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Edwinstowe?

Regardless of whether you are a tenant or a landlord in Edwinstowe,the lease extension lawyers that we work with will always be prepared 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 Example Cases:

Lucas, Edwinstowe, Nottinghamshire,

Lucas owned a conversion apartment in Edwinstowe on the market with a lease of just over sixty years left. Lucas informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert advice and was able to make a more informed decision and deal with the matter and sell the property.

Edwinstowe case:

Last April we were e-mailed by Dr S Bertrand , who moved into a newly refurbished flat in Edwinstowe in May 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Comparative properties in Edwinstowe with an extended lease were valued around £181,600. The mid-range ground rent payable was £55 billed per annum. The lease finished in 2078. Having 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including professional charges.

Edwinstowe case:

Last month we were phoned by Dr P François , who acquired a one bedroom apartment in Edwinstowe in October 2009. The dilemma was if we could estimate the premium would be for a ninety year lease extension. Identical premises in Edwinstowe with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 invoiced per annum. The lease end date was on 16 April 2098. Having 72 years outstanding we calculated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of fees.