Main reasons to start your Laceby lease extension

Top reasons for lease extension now:

A Laceby leasehold property depreciates with the years remaining on the lease.

The value of Laceby leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the unexpired lease term is below than eighty years

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

It is generally accepted that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

The trend since 2008 has been for lenders to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Laceby lease extensions?

Regardless of whether you are a tenant or a landlord in Laceby,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Laceby valuers.

Laceby Lease Extension Example Cases:

Amber, Laceby, Lincolnshire,

After lengthy discussions with the landlord of her two bedroom apartment in Laceby, Amber commenced the lease extension process as the 80 year threshold was quickly coming. The legal work was finalised in July 2013. The landlord’s costs were negotiated to below 500 GBP.

Laceby case:

Ms S Lefèvre moved into a garden flat in Laceby in February 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical homes in Laceby with 100 year plus lease were in the region of £176,200. The mid-range ground rent payable was £65 billed quarterly. The lease ran out in 2082. Taking into account 56 years unexpired we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 exclusive of legals.

Laceby case:

Last year we were phoned by Mr and Mrs. A Patel , who owned a one bedroom apartment in Laceby in June 1997. The question was if we could estimate the premium could be to extend the lease by 90 years. Comparative residencies in Laceby with 100 year plus lease were valued about £242,600. The mid-range amount of ground rent was £45 invoiced monthly. The lease terminated on 20 August 2093. Having 67 years unexpired we calculated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus fees.