Why you should commence your Littleport lease extension

Top reasons for lease extension now:

Increase your lease and increase your Littleport property value

As the length of the unexpired term of a Littleport domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Many flat owners in Littleport will qualify for this right; nevertheless a conveyancing solicitor should be able to advise whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Littleport with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not lend on a short lease

Mortgage companies do not like short residential leases. You are likely to experience problems where you need to sell your flat in Littleport if the unexpired term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have different criteria but in the main theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in Littleport?

Regardless of whether you are a tenant or a freeholder in Littleport,the lease extension experts 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 Littleport valuers.

Littleport Lease Extension Case Summaries:

Rosie, Littleport, Cambridgeshire,

Trailing protracted correspondence with the landlord of her first floor flat in Littleport, Rosie initiated the lease extension process just as her lease was coming close to the all-important eighty-year mark. The legal work was concluded in June 2006. The landlord’s fees were kept to an absolute minimum.

Littleport case:

Last Summer we were phoned by Ms D Simon , who took over the lease of a one bedroom apartment in Littleport in September 2011. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparative homes in Littleport with a long lease were in the region of £243,000. The mid-range amount of ground rent was £65 invoiced monthly. The lease elapsed on 2 February 2089. Having 63 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including legals.

Littleport case:

Last Summer we were called by Ms N Bailey , who took over the lease of a one bedroom flat in Littleport in November 2012. The question was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Comparative homes in Littleport with a long lease were worth £181,600. The mid-range ground rent payable was £55 collected every twelve months. The lease finished in 2078. Considering the 52 years as a residual term we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including expenses.