Top reasons for Grantham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Grantham property value

On the balance of probabilities if you own a flat in Grantham you actually own a long leasehold interest over your property

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

Leasehold residencies in Grantham with more than one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not finance a property with a short lease

Banks and building societies are really restricting their approach as regards to homes in Grantham with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting your market.

Why use us for your lease extension in Grantham?

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

Grantham Lease Extension Case Summaries:

Eli, Grantham, Lincolnshire,

Eli owned a studio apartment in Grantham being marketed with a lease of a few days over sixty years outstanding. Eli informally spoke with his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Grantham case:

In 2013 we were approached by Dr Jasper Dupont who, having purchased a studio flat in Grantham in April 2009. The question was if we could estimate the premium would likely be for a ninety year lease extension. Identical homes in Grantham with a long lease were in the region of £280,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease came to a finish on 16 November 2105. Considering the 79 years remaining we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.

Grantham case:

In 2010 we were approached by Mr and Mrs. S Gómez who, having bought a one bedroom apartment in Grantham in February 2011. We are asked if we could approximate the price would be for a 90 year lease extension. Identical flats in Grantham with a long lease were valued about £193,400. The average ground rent payable was £65 billed every twelve months. The lease ran out in 2085. Considering the 59 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 not including professional charges.