Why you should commence your Immingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Immingham property value

Immingham residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Immingham with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to loan monies with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

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

Retaining our service gives you enhanced control over the value of your Immingham leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Immingham Lease Extension Case Summaries:

Leon, Immingham, Lincolnshire,

Leon was the the leasehold owner of a studio apartment in Immingham on the market with a lease of a little over fifty eight years unexpired. Leon informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Leon to exercise his statutory right. Leon procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Immingham case:

Mr and Mrs. L Pérez completed a one bedroom apartment in Immingham in October 1998. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Immingham with a long lease were worth £208,200. The mid-range ground rent payable was £65 billed yearly. The lease finished in 2087. Taking into account 61 years outstanding we calculated the premium to the freeholder to extend the lease to be within £20,000 and £23,000 not including costs.

Immingham case:

Mr J Laurent purchased a one bedroom apartment in Immingham in January 1998. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparative residencies in Immingham with 100 year plus lease were valued about £260,000. The average ground rent payable was £50 collected quarterly. The lease elapsed in 2098. Considering the 72 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.