Main reasons to commence your Irthlingborough lease extension

Why you should commence your Irthlingborough lease extension today:

Increase your lease and increase your Irthlingborough property value

The value of Irthlingborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not finance a property with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties when you come to market or refinance your flat as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your buyer will need to wait two years before they can start the legal procedures for a lease extension.

What makes us experts in Irthlingborough lease extensions?

Regardless of whether you are a tenant or a landlord in Irthlingborough,the lease extension experts 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 Irthlingborough valuers.

Irthlingborough Lease Extension Case Studies:

Luca, Irthlingborough, Northamptonshire

Half a year ago Luca, started to get close to the 80-year mark with the lease on his first floor apartment in Irthlingborough. In buying his flat 18 years previously, the lease term was of no significance. by good luck, he recognised he needed to take steps soon on a lease extension. Luca arranged for a lease extension just in the nick of time last June. Luca and the freeholder via the management company subsequently settled on the final figure of £6,000 . If he not met the deadline, the premium would have increased by a minimum £1,075.

Irthlingborough case:

In 2013 we were called by Mr V Ali who, having took over the lease of a newly refurbished apartment in Irthlingborough in August 2010. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Irthlingborough with an extended lease were valued about £270,000. The average ground rent payable was £55 billed yearly. The lease concluded on 1 February 2101. Given that there were 75 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.

Irthlingborough case:

In 2013 we were contacted by Mr and Mrs. F Collins who, having acquired a first floor apartment in Irthlingborough in June 1995. The dilemma was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative properties in Irthlingborough with 100 year plus lease were valued about £168,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease lapsed on 9 June 2081. Considering the 55 years outstanding we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including professional charges.