Why you should start your Grenoside lease extension

Main reasons to start your Grenoside lease extension today:

Increase your lease and increase your Grenoside property value

The market value of Grenoside leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than eighty years

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

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to issue a mortgage with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience problems where you want to sell your flat in Grenoside if the unexpired term of your lease is less than the criteria set by most lenders. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of seventy years.

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

Retaining our service gives you enhanced control over the value of your Grenoside leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Grenoside Lease Extension Case Studies:

Riley, Grenoside, South Yorkshire

Last October Riley, started to get close to the eighty-year threshold with the lease on his leasehold apartment in Grenoside. In buying his property 19 years previously, the length of the lease was of little significance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Riley was able to extend his lease just ahead of time in April. Riley and the freeholder via the management company ultimately settled on a premium of £5,000 . If the lease had gone to less than 80 years, the amount would have gone up by at least £1,100.

Grenoside case:

Last Summer we were e-mailed by Mrs W David , who took over the lease of a garden flat in Grenoside in August 2004. We are asked if we could estimate the price could be for a ninety year lease extension. Identical properties in Grenoside with an extended lease were worth £213,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease expiry date was in 2083. Taking into account 57 years left we estimated the compensation to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of fees.

Grenoside case:

In 2010 we were e-mailed by Mr and Mrs. Y Hill who, having moved into a basement flat in Grenoside in February 2001. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable properties in Grenoside with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 collected per annum. The lease ended on 10 April 2103. Given that there were 77 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.