Why you should commence your Grasmere lease extension

Top reasons for lease extension now:

A Grasmere leasehold property depreciates with the years remaining on the lease.

The value of Grasmere leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

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

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property on a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Grasmere?

Using our service will provide you increased control over the value of your Grasmere leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Grasmere Lease Extension Case Summaries:

Holly, Grasmere, Cumbria,

Off the back of lengthy correspondence with the landlord of her studio apartment in Grasmere, Holly initiated the lease extension process just as her lease was nearing the all-important 80-year threshold. The legal work was finalised in April 2013. The landlord’s charges were kept to an absolute minimum.

Grasmere case:

Ms Nicole Rivera was assigned a lease of a newly refurbished flat in Grasmere in January 2010. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Grasmere with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 collected monthly. The lease ended in 2078. Given that there were 52 years remaining we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus costs.

Grasmere case:

Mr C Bailey purchased a purpose-built flat in Grasmere in June 2010. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Identical premises in Grasmere with an extended lease were worth £285,000. The mid-range ground rent payable was £45 collected yearly. The lease terminated in 2098. Having 72 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.