Main reasons to start your Ipswich lease extension

Main reasons to start your Ipswich lease extension today:

Increase your lease and increase your Ipswich property value

Ipswich residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold properties in Ipswich with over 100 years remaining on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may not lend with a short lease

Lenders do not like short residential leases. You are likely to experience difficulties if you need to sell your flat in Ipswich if the remaining term of your lease 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.

Why use us for your lease extension in Ipswich?

Lease extensions in Ipswich can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

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 procuring Ipswich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ipswich Lease Extension Example Cases:

Kian, Ipswich, Suffolk

Half a year ago Kian, came critically near to the eighty-year mark with the lease on his ground floor apartment in Ipswich. In buying his home two decades ago, the lease term was of minimal concern. As luck would have it, he recognised he needed to take steps soon on a lease extension. Kian arranged for a lease extension just in the nick of time in July. Kian and the freeholder via the management company in the end settled on a premium of £6,000 . If he had missed the deadline, the amount would have escalated by a minimum £1,075.

Ipswich case:

Mr and Mrs. O Ali purchased a one bedroom apartment in Ipswich in October 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Ipswich with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease expired in 2091. Given that there were 66 years unexpired we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 not including professional charges.

Ipswich case:

Mr and Mrs. G Evans took over the lease of a first floor flat in Ipswich in April 2009. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Comparative flats in Ipswich with an extended lease were valued around £198,800. The average amount of ground rent was £55 invoiced annually. The lease concluded on 12 November 2080. Taking into account 55 years remaining we estimated the compensation to the freeholder for the lease extension to be between £33,300 and £38,400 plus expenses.