Why you should start your Grange Over Sands lease extension

Why you should commence your Grange Over Sands lease extension today:

Increase your lease and increase your Grange Over Sands property value

The only way is down when it comes to Grange Over Sands lease terms. Grange Over Sands flats that have a remaining term lower than eighty years will drop in value at a rapid rate, and the cost to extend your lease will rise.

Grange Over Sands property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years left once the mortgage has expired. Considering a number of flats in Grange Over Sands were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Grange Over Sands?

The lawyers that we work with undertake Grange Over Sands 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 conveyancing solicitor we work with provide it.

Grange Over Sands Lease Extension Case Summaries:

Evan, Grange Over Sands, Cumbria,

Evan owned a studio flat in Grange Over Sands being sold with a lease of a few days over 61 years left. Evan informally contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan procured expert advice and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Grange Over Sands case:

In 2011 we were called by Dr Leon Bertrand who, having moved into a one bedroom flat in Grange Over Sands in October 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Grange Over Sands with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 collected monthly. The lease elapsed in 2079. Having 53 years outstanding we approximated the compensation to the landlord to extend the lease to be between £37,100 and £42,800 exclusive of professional charges.

Grange Over Sands case:

In 2012 we were e-mailed by Dr Owen Richardson who, having was assigned a lease of a one bedroom apartment in Grange Over Sands in January 2012. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable homes in Grange Over Sands with 100 year plus lease were valued about £220,400. The mid-range ground rent payable was £45 billed annually. The lease ended on 3 February 2090. Considering the 64 years unexpired we estimated the premium to the landlord to extend the lease to be between £15,200 and £17,600 not including fees.