Main reasons to start your Glenfield lease extension

Why you should start your Glenfield lease extension today:

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

The nearer a residential lease in Glenfield gets to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 125 years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Glenfield will qualify for this right; nevertheless a conveyancer will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not issue a mortgage with a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Glenfield?

Irrespective of whether you are a tenant or a landlord in Glenfield,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Glenfield valuers.

Glenfield Lease Extension Case Summaries:

Kate, Glenfield, Leicestershire,

Trailing protracted discussions with the landlord of her first floor apartment in Glenfield, Kate commenced the lease extension process as the 80 year mark was quickly nearing. The lease extension was concluded in January 2005. The freeholder’s charges were restricted to less than 600 pounds.

Glenfield case:

In 2013 we were contacted by Dr Y Jones who, having took over the lease of a garden apartment in Glenfield in August 2011. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Glenfield with 100 year plus lease were valued around £223,400. The mid-range amount of ground rent was £60 billed quarterly. The lease came to a finish in 2085. Given that there were 59 years unexpired we calculated the premium to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of fees.

Glenfield case:

In 2012 we were called by Mr Evan Ramírez who, having completed a one bedroom flat in Glenfield in August 1999. We are asked if we could estimate the premium could be to extend the lease by 90 years. Comparable residencies in Glenfield with an extended lease were in the region of £205,000. The mid-range ground rent payable was £50 billed annually. The lease concluded on 7 June 2105. Taking into account 79 years outstanding we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of costs.