Top reasons for Geddington lease extension

Main reasons to start your Geddington lease extension today:

Increase your lease and increase your Geddington property value

Geddington leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Geddington will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Many mortgage companies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Geddington property becoming difficult to sell or refinance.

What makes us experts in Geddington lease extensions?

Lease extensions in Geddington can be a difficult process. We recommend you obtain 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 in-depth market knowledge procuring Geddington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Geddington Lease Extension Case Summaries:

Sophie, Geddington, Northamptonshire,

In the wake of 6 months of unsuccessful discussions with the freeholder of her ground floor apartment in Geddington, Sophie initiated the lease extension process as the eighty year deadline was swiftly approaching. The legal work was finalised in June 2006. The landlord’s fees were kept to an absolute minimum.

Geddington case:

Mrs Natasha Martinez bought a ground floor apartment in Geddington in April 2005. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical residencies in Geddington with 100 year plus lease were in the region of £235,200. The mid-range ground rent payable was £45 collected annually. The lease end date was in 2092. Considering the 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of costs.

Geddington case:

Last June we were approach by Mrs O Wilson , who acquired a one bedroom flat in Geddington in April 2009. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative flats in Geddington with an extended lease were valued about £280,000. The average amount of ground rent was £55 collected yearly. The lease terminated in 2103. Considering the 77 years unexpired we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.