Main reasons to start your Enderby lease extension

Main reasons to commence your Enderby lease extension today:

Increase your lease and increase your Enderby property value

The market value of Enderby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is less than eighty years

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property with a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Enderby were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in Enderby lease extensions?

The conveyancing solicitors that we work with undertake Enderby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Enderby Lease Extension Example Cases:

Rachel, Enderby, Leicestershire,

Following lengthy negotiations with the landlord of her studio flat in Enderby, Rachel commenced the lease extension process as the 80 year threshold was quickly coming. The legal work completed in August 2006. The landlord’s fees were kept to an absolute minimum.

Enderby case:

Dr K Rodríguez took over the lease of a garden apartment in Enderby in August 2000. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparative properties in Enderby with 100 year plus lease were worth £189,000. The average amount of ground rent was £55 invoiced monthly. The lease came to a finish on 27 May 2079. Given that there were 53 years as a residual term we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus expenses.

Enderby case:

In 2011 we were contacted by Dr O Cooper who, having moved into a one bedroom apartment in Enderby in June 2005. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical flats in Enderby with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced quarterly. The lease ended in 2099. Considering the 73 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.