Why you should start your Great Coates lease extension

Why you should start your Great Coates lease extension today:

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

Great Coates residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds charged on leasehold homes. Some will simply refuse lend at all once an unexpired lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years suitable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Great Coates home.

Get in touch with one of our Great Coates lease extension solicitors or enfranchisement solicitors

Lease extensions in Great Coates can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience dealing with Great Coates lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Great Coates Lease Extension Example Cases:

Kian, Great Coates, Lincolnshire,

Kian owned a 2 bedroom apartment in Great Coates being marketed with a lease of fraction over 59 years outstanding. Kian on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Kian to exercise his statutory right. Kian obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Great Coates case:

Mr and Mrs. J Laurent purchased a basement flat in Great Coates in February 2003. The dilemma was if we could approximate the premium could be for a 90 year extension to my lease. Similar properties in Great Coates with 100 year plus lease were worth £220,400. The mid-range amount of ground rent was £45 billed yearly. The lease concluded on 20 November 2090. Having 64 years unexpired we approximated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of expenses.

Great Coates case:

Last Winter we were e-mailed by Ms Jordan Green , who completed a garden apartment in Great Coates in February 2003. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Identical residencies in Great Coates with 100 year plus lease were valued about £270,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ran out in 2101. Having 75 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.