Why you should start your Inkberrow lease extension

Main reasons to start your Inkberrow lease extension today:

Increase your lease and increase your Inkberrow property value

With a domestic leasehold property in Inkberrow, you are in fact renting it for a certain period of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than 80 years left. Residents in Inkberrow with a lease approaching 81 years remaining should seriously think of extending it without delay. Once the lease term has under 80 years left, under the current legislation the landlord can calculate and demand a greater amount, based on a technical multiplication, strangely termed as “marriage value” which is due.

Inkberrow property with a lease extension is almost the same value as a freehold

Leasehold premises in Inkberrow with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not loan monies with a short lease

Most mortgage companies will not lend on a lease with under seventy years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Inkberrow property becoming difficult to dispose of or to obtain finance on.

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

Lease extensions in Inkberrow can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Inkberrow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Inkberrow Lease Extension Case Studies:

Niamh, Inkberrow, Worcestershire,

Subsequent to unsuccessful correspondence with the freeholder of her leasehold flat in Inkberrow, Niamh started the lease extension process as the eighty year deadline was fast nearing. The transaction was finalised in June 2014. The landlord’s costs were negotiated to below 650 GBP.

Inkberrow case:

Mr B Torres acquired a basement flat in Inkberrow in January 2011. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparative homes in Inkberrow with a long lease were in the region of £191,000. The average amount of ground rent was £65 invoiced yearly. The lease ran out on 7 October 2084. Having 58 years outstanding we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 plus legals.

Inkberrow case:

In 2010 we were phoned by Mrs Rachel López who, having completed a studio apartment in Inkberrow in March 2008. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparable homes in Inkberrow with 100 year plus lease were valued around £250,000. The mid-range ground rent payable was £50 invoiced annually. The lease came to a finish on 7 February 2095. Having 69 years outstanding we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.