Top reasons for Epworth lease extension

Main reasons to start your Epworth lease extension today:

A Epworth lease depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Epworth is impacted by how long the lease has remaining. If it is close to or fewer than 80 years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension prior to buying. It is preferable to commence the lease extension process when the lease still has 82 years unexpired so that formalities can be finalised ahead of the eighty year threshold. Statute enables Epworth qualifying lessees to obtain a lease extension of ninety years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic as and when you need to sell or refinance your property as it will be effectively unmortgageable. You may not have an imminent plan to sell but when you do your buyer must wait two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Epworth?

Lease extensions in Epworth can be a difficult process. We recommend you get professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 dealing with 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 Case Studies:

Sophia, Epworth, Lincolnshire,

Subsequent to lengthy negotiations with the freeholder of her two bedroom apartment in Epworth, Sophia started the lease extension process as the eighty year mark was fast approaching. The lease extension was finalised in February 2012. The landlord’s costs were kept to an absolute minimum.

Epworth case:

Last Autumn we were approach by Mr Oscar Cook , who owned a garden flat in Epworth in April 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Comparable residencies in Epworth with an extended lease were worth £285,000. The average ground rent payable was £45 billed every twelve months. The lease expired in 2097. Taking into account 71 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.

Epworth case:

In 2010 we were contacted by Dr W Morel who, having completed a studio flat in Epworth in June 2008. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Identical residencies in Epworth with an extended lease were valued around £233,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease terminated in 2087. Considering the 61 years left we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 not including expenses.