Main reasons to commence your Grove lease extension

Top reasons for lease extension now:

Increase your lease and increase your Grove property value

Chances are that if you own a flat in Grove you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend on a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Grove were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Grove?

The conveyancing solicitors that we work with procure Grove 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.

Grove Lease Extension Example Cases:

Hunter, Grove, Nottinghamshire,

Hunter owned a studio flat in Grove being marketed with a lease of fraction over fifty eight years remaining. Hunter informally approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Hunter to invoke his statutory right. Hunter obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Grove case:

Last Winter we were phoned by Ms B Gómez , who purchased a one bedroom apartment in Grove in February 1997. The dilemma was if we could approximate the premium would likely be for a 90 year extension to my lease. Identical homes in Grove with an extended lease were worth £275,000. The average ground rent payable was £55 collected per annum. The lease lapsed on 11 September 2103. Having 77 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.

Grove case:

Mrs F Walker bought a garden apartment in Grove in March 1998. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Comparable flats in Grove with a long lease were valued about £183,600. The average ground rent payable was £65 invoiced every twelve months. The lease concluded in 2083. Having 57 years left we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 plus costs.