Top reasons for Littleport lease extension

Why you should commence your Littleport lease extension today:

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

Littleport leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Littleport tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Littleport you should see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Littleport flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Get in touch with one of our Littleport lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Littleport,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 in-depth market knowledge and the close ties they enjoy with Littleport valuers.

Littleport Lease Extension Example Cases:

Joshua, Littleport, Cambridgeshire,

Joshua owned a high value flat in Littleport being sold with a lease of a few days over fifty eight years left. Joshua on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and ending up with a market value flat.

Littleport case:

Last month we were phoned by Mrs Isabel Anderson , who took over the lease of a purpose-built apartment in Littleport in May 2010. The question was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Littleport with an extended lease were worth £267,600. The average amount of ground rent was £65 invoiced yearly. The lease lapsed in 2093. Given that there were 67 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of costs.

Littleport case:

In 2013 we were contacted by Dr Samantha Alexander who, having purchased a studio apartment in Littleport in August 2000. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative residencies in Littleport with an extended lease were valued about £201,200. The mid-range ground rent payable was £55 billed monthly. The lease came to a finish on 24 September 2082. Considering the 56 years remaining we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of legals.