Top reasons for Lake lease extension

Why you should commence your Lake lease extension today:

Increase your lease and increase your Lake property value

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

Lake property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Lenders will not loan monies with a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term drops beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Lake property.

Why use us for your lease extension in Lake?

Retaining our service will provide you enhanced control over the value of your Lake leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lake Lease Extension Example Cases:

John, Lake, Isle Of Wight,

John was the the leasehold owner of a high value flat in Lake on the market with a lease of fraction over 72 years outstanding. John on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were John to invoke his statutory right. John procured expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Lake case:

Ms J James moved into a first floor apartment in Lake in June 1995. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable residencies in Lake with 100 year plus lease were valued around £275,000. The average ground rent payable was £65 billed annually. The lease ran out on 9 June 2094. Considering the 68 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including legals.

Lake case:

In 2010 we were contacted by Dr Jason Khan who, having bought a newly refurbished flat in Lake in June 2001. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Lake with an extended lease were in the region of £208,600. The mid-range amount of ground rent was £60 billed annually. The lease lapsed on 16 January 2083. Having 57 years left we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of fees.