Main reasons to commence your Grasmere lease extension

Why you should start your Grasmere lease extension today:

Increase your lease and increase your Grasmere property value

The nearer a residential lease in Grasmere nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 100 years remaining then this decrease may be negligible however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner rather than later. Many flat owners in Grasmere will qualify for this right; that being said a conveyancer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Grasmere property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Grasmere?

Lease extensions in Grasmere can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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

Grasmere Lease Extension Case Studies:

Millie, Grasmere, Cumbria,

In the wake of 9 months of protracted correspondence with the landlord of her ground floor apartment in Grasmere, Millie started the lease extension process as the eighty year threshold was swiftly advancing. The legal work was concluded in April 2010. The landlord’s fees were negotiated to about 650 pounds.

Grasmere case:

In 2011 we were phoned by Mr I Moreau who, having took over the lease of a one bedroom flat in Grasmere in January 2006. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical homes in Grasmere with an extended lease were valued about £270,000. The mid-range ground rent payable was £65 billed quarterly. The lease finished on 26 May 2094. Having 68 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Grasmere case:

Mr and Mrs. R Williams completed a one bedroom apartment in Grasmere in January 1995. The question was if we could approximate the price would likely be to prolong the lease by ninety years. Comparative residencies in Grasmere with a long lease were worth £208,600. The mid-range ground rent payable was £60 collected quarterly. The lease finished in 2083. Given that there were 57 years remaining we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.