Main reasons to commence your Epworth lease extension

Main reasons to start your Epworth lease extension today:

Increase your lease and increase your Epworth property value

Epworth residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

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

Leasehold properties in Epworth with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not finance a property on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be mindful that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Epworth lease extensions?

Lease extensions in Epworth can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in lease extensions.

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 procuring Epworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Epworth Lease Extension Example Cases:

Hugo, Epworth, Lincolnshire

Last October Hugo, came very near to the eighty-year mark with the lease on his first floor apartment in Epworth. In buying his property two decades ago, the lease term was of little significance. Fortunately, it dawned on him that he would soon be paying way over the odds for Extending the lease. Hugo arranged for a lease extension at the eleventh hour last April. Hugo and the freeholder via the managing agents ultimately settled on the final figure of £6,000 . If the lease had slid to less than 80 years, the amount would have gone up by at least £975.

Epworth case:

In 2011 we were contacted by Mr and Mrs. M Dupont who, having bought a garden flat in Epworth in April 2000. The question was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparable homes in Epworth with a long lease were valued about £181,600. The mid-range ground rent payable was £55 collected annually. The lease concluded on 27 February 2078. Having 52 years outstanding we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 plus legals.

Epworth case:

In 2013 we were approached by Mr and Mrs. B Lee who, having took over the lease of a recently refurbished apartment in Epworth in February 2006. The question was if we could approximate the premium would be for a ninety year lease extension. Similar flats in Epworth with an extended lease were valued about £290,000. The average amount of ground rent was £45 billed monthly. The lease came to a finish on 24 May 2099. Taking into account 73 years left we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.