Why you should commence your Lincoln lease extension

Why you should commence your Lincoln lease extension today:

Increase your lease and increase your Lincoln property value

Lincoln leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Lincoln residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Lincoln you should investigate if your lease has between 70 and 90 years left. There are good reasons why a Lincoln flat owner with a lease having around 80 years unexpired should take action to ensure that a lease extension is put in place without delay

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

Leasehold properties in Lincoln with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to loan monies with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably experience problems where you want to sell your flat in Lincoln if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Lincoln lease extensions?

Lease extensions in Lincoln can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Lincoln Lease Extension Case Summaries:

Sebastian, Lincoln, Lincolnshire,

Sebastian was the the leasehold owner of a high value flat in Lincoln being marketed with a lease of fraction over 72 years remaining. Sebastian on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Lincoln case:

Mr C Cox was assigned a lease of a recently refurbished apartment in Lincoln in September 1998. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Lincoln with 100 year plus lease were worth £191,400. The mid-range ground rent payable was £55 billed quarterly. The lease elapsed on 11 November 2080. Considering the 54 years outstanding we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.

Lincoln case:

In 2014 we were phoned by Mr and Mrs. G Campbell who, having acquired a first floor flat in Lincoln in March 2006. We are asked if we could estimate the price would be for a 90 year lease extension. Similar homes in Lincoln with 100 year plus lease were in the region of £295,000. The average ground rent payable was £45 billed per annum. The lease finished on 11 September 2100. Given that there were 74 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.