Top reasons for Irchester lease extension

Main reasons to commence your Irchester lease extension today:

Increase your lease and increase your Irchester property value

Unfortunately that a Irchester residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Irchester property market.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under 80 years - otherwise a higher premium will be due. Most leasehold owners in Irchester will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are deemed to be deficient for lending purposes.

What makes us experts in Irchester lease extensions?

Using our service will provide you better control over the value of your Irchester leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Irchester Lease Extension Example Cases:

Aaron, Irchester, Northamptonshire

14 months ago Aaron, started to get close to the 80-year threshold with the lease on his one bedroom apartment in Irchester. In buying his home two decades ago, the length of the lease was of little relevance. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Aaron extended the lease at the eleventh hour last May. Aaron and the freeholder via the managing agents eventually settled on the final figure of £6,000 . If he not met the deadline, the price would have gone up by a minimum £850.

Irchester case:

Last year we were contacted by Mrs Lucy Khan , who owned a studio apartment in Irchester in June 2004. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Identical properties in Irchester with 100 year plus lease were worth £240,600. The average ground rent payable was £60 invoiced annually. The lease elapsed in 2088. Given that there were 62 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of legals.

Irchester case:

In 2012 we were contacted by Mrs V Scott who, having was assigned a lease of a first floor flat in Irchester in November 2011. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative premises in Irchester with 100 year plus lease were worth £174,200. The average ground rent payable was £55 invoiced monthly. The lease ended on 5 July 2077. Taking into account 51 years left we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including fees.