Top reasons for Great Coates lease extension

Top reasons for lease extension now:

A Great Coates lease depreciates with the years remaining on the lease.

The only way is down when it comes to Great Coates lease terms. Great Coates leaseholds that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will rise.

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

It is generally accepted that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend on a short lease

Almost all mortgage lenders require a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Great Coates lease extensions?

Irrespective of whether you are a tenant or a freeholder in Great Coates,the lease extension solicitors 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 Great Coates valuers.

Great Coates Lease Extension Case Summaries:

Cameron, Great Coates, Lincolnshire,

Cameron was the the leasehold owner of a 2 bedroom flat in Great Coates being sold with a lease of fraction over fifty eight years outstanding. Cameron informally approached his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Cameron to invoke his statutory right. Cameron procured expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Great Coates case:

Last Spring we were called by Dr W Miller , who moved into a newly refurbished apartment in Great Coates in October 1998. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar flats in Great Coates with an extended lease were in the region of £275,000. The average ground rent payable was £55 billed quarterly. The lease ended in 2102. Taking into account 76 years left we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

Great Coates case:

Last Spring we were called by Dr H Ali , who was assigned a lease of a basement apartment in Great Coates in March 2001. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Great Coates with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 invoiced yearly. The lease lapsed on 14 January 2082. Having 56 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £29,500 and £34,000 exclusive of fees.