Top reasons for Grange Over Sands lease extension

Main reasons to commence your Grange Over Sands lease extension today:

A Grange Over Sands lease depreciates with the years remaining on the lease.

Grange Over Sands leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start thinking about a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Grange Over Sands will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not qualify. There are prescribed deadlines and formalities to follow once the process is initiated so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as unacceptable for lending purposes.

What makes us experts in Grange Over Sands lease extensions?

Lease extensions in Grange Over Sands can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.

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

Grange Over Sands Lease Extension Case Summaries:

Natalie, Grange Over Sands, Cumbria,

Following lengthy correspondence with the freeholder of her ground floor apartment in Grange Over Sands, Natalie commenced the lease extension process as the eighty year mark was quickly coming. The transaction was concluded in October 2013. The landlord’s charges were negotiated to under 550 pounds.

Grange Over Sands case:

Mrs S Jones moved into a ground floor apartment in Grange Over Sands in August 2007. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative premises in Grange Over Sands with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed in 2106. Taking into account 80 years left we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.

Grange Over Sands case:

Last Autumn we were called by Dr H González , who took over the lease of a first floor apartment in Grange Over Sands in April 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Identical properties in Grange Over Sands with a long lease were in the region of £200,800. The average amount of ground rent was £65 collected quarterly. The lease expired in 2086. Having 60 years left we calculated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 plus legals.