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Why you should start your Immingham lease extension

Main reasons to start your Immingham lease extension today:

A Immingham lease depreciates with the years remaining on the lease.

Immingham residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to finance a property on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You are likely to encounter problems where you need to sell your flat in Immingham if the unexpired lease term is under the criteria set by the majority of banks and building societies. Different lenders have varying requirements but generally theyrequire an unexpired term of at least seventy years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

What makes us experts in Immingham lease extensions?

Irrespective of whether you are a tenant or a freeholder in Immingham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Immingham valuers.

Immingham Lease Extension Case Summaries:

Jacob, Immingham, Lincolnshire

Last Winter Jacob, started to get close to the 80-year threshold with the lease on his basement apartment in Immingham. Having bought his property 18 years ago, the length of the lease was of little significance. Fortunately, he recognised he needed to take action soon on a lease extension. Jacob extended the lease just in the nick of time last August. Jacob and the landlord ultimately agreed on sum of £6,000 . If he not met the deadline, the sum would have become more costly by a minimum £1,000.

Immingham case:

Last Autumn we were contacted by Dr David Carter , who purchased a one bedroom apartment in Immingham in August 2012. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical homes in Immingham with an extended lease were worth £260,000. The average amount of ground rent was £50 collected yearly. The lease ran out on 7 July 2096. Having 71 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.

Immingham case:

In 2009 we were contacted by Dr Evan García who, having bought a ground floor apartment in Immingham in August 2004. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical residencies in Immingham with an extended lease were valued around £254,200. The mid-range amount of ground rent was £60 collected annually. The lease termination date was in 2076. Given that there were 51 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of professional charges.