Main reasons to commence your Linton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Linton property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Linton. Inevitably, the term of lease remaining reduces over time. This may pass by relatively unnoticed when the residence has to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Linton have the right to extend the lease for an additional 90 years in accordance with legislation. Please give careful consideration before putting off your Linton lease extension. Holding off the cost now likely increases the price you will eventually incur to extend your lease

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties as and when you need to market or remortgage your property as it will be effectively unmortgageable. Even though you may have no immediate intention to sell but when you do your purchaser will have to hold off for two years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Linton?

Irrespective of whether you are a tenant or a freeholder in Linton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Linton valuers.

Linton Lease Extension Example Cases:

Lewis, Linton, Leeds,

Lewis was the the leasehold owner of a conversion apartment in Linton being sold with a lease of fraction over fifty eight years remaining. Lewis on an informal basis contacted his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Lewis to exercise his statutory right. Lewis obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Linton case:

In 2010 we were e-mailed by Mr and Mrs. A Mitchell who, having bought a studio apartment in Linton in May 2008. The question was if we could approximate the price could be for a ninety year extension to my lease. Comparative flats in Linton with 100 year plus lease were valued around £206,200. The mid-range amount of ground rent was £60 billed annually. The lease finished in 2082. Considering the 56 years outstanding we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of expenses.

Linton case:

Last February we were phoned by Mr and Mrs. W Robinson , who owned a ground floor apartment in Linton in September 2007. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Comparative properties in Linton with an extended lease were worth £300,000. The mid-range ground rent payable was £50 invoiced yearly. The lease ran out on 4 September 2102. Considering the 76 years remaining we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of costs.