Why you should start your Grange Over Sands lease extension

Top reasons for lease extension now:

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

Grange Over Sands leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Grange Over Sands tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Grange Over Sands you really ought to see if your lease has between 70 and 90 years left. There are good reasons why a Grange Over Sands leaseholder with a lease having around 80 years left should take steps to make sure that a lease extension is effected without delay

Grange Over Sands property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately 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 loan monies with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that a number of flats in Grange Over Sands were built in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Grange Over Sands lease extensions?

Retaining our service will provide you increased control over the value of your Grange Over Sands leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Grange Over Sands Lease Extension Example Cases:

Jessica, Grange Over Sands, Cumbria,

Following protracted negotiations with the freeholder of her studio apartment in Grange Over Sands, Jessica commenced the lease extension process just as the lease was approaching the crucial 80-year mark. The lease extension completed in October 2008. The freeholder’s fees were kept to an absolute minimum.

Grange Over Sands case:

Last August we were e-mailed by Mr and Mrs. M Norbert , who owned a recently refurbished apartment in Grange Over Sands in January 2003. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Comparative flats in Grange Over Sands with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease finished in 2095. Given that there were 69 years unexpired we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Grange Over Sands case:

Last Summer we were contacted by Mr and Mrs. H Roberts , who bought a one bedroom flat in Grange Over Sands in August 1997. We are asked if we could approximate the price would be for a 90 year lease extension. Comparative homes in Grange Over Sands with an extended lease were in the region of £285,000. The average ground rent payable was £55 collected per annum. The lease ran out in 2106. Taking into account 80 years left we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including costs.