Main reasons to start your Grimsby lease extension

Why you should commence your Grimsby lease extension today:

Increase your lease and increase your Grimsby property value

There is no doubt about it a leasehold property in Grimsby is a wasting asset as a result of the shortening lease. If the lease has, in excess of one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Grimsby will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Grimsby with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

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

Almost all mortgage companies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Grimsby property being difficult to dispose of or refinance.

What makes us experts in Grimsby lease extensions?

The conveyancing solicitors that we work with handle Grimsby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Grimsby Lease Extension Example Cases:

Charlotte, Grimsby, Lincolnshire,

Off the back of protracted negotiations with the freeholder of her purpose-built flat in Grimsby, Charlotte initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The transaction was finalised in November 2006. The freeholder’s costs were kept to an absolute minimum.

Grimsby case:

Mr and Mrs. K Bertrand moved into a basement apartment in Grimsby in February 1996. The question was if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparative flats in Grimsby with a long lease were valued about £193,400. The mid-range ground rent payable was £65 collected annually. The lease ran out in 2085. Given that there were 59 years remaining we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.

Grimsby case:

Last Winter we were called by Mr Joshua Pérez , who bought a ground floor flat in Grimsby in November 2011. The question was if we could approximate the price would likely be for a 90 year lease extension. Comparative homes in Grimsby with 100 year plus lease were valued about £255,000. The mid-range ground rent payable was £50 billed yearly. The lease came to a finish in 2096. Considering the 70 years as a residual term we calculated the premium to the landlord to extend the lease to be within £10,500 and £12,000 exclusive of professional charges.