Why you should start your Loddon lease extension

Why you should start your Loddon lease extension today:

A Loddon lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Loddon. Inevitably, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the property needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Loddon have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before putting off your Loddon lease extension. Holding off the cost now only increases the price you will eventually have to pay to extend your lease

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

Leasehold residencies in Loddon with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

What makes us experts in Loddon lease extensions?

The conveyancing solicitors that we work with handle Loddon lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Loddon Lease Extension Example Cases:

Isabel, Loddon, Norfolk,

Trailing protracted negotiations with the landlord of her basement apartment in Loddon, Isabel initiated the lease extension process just as her lease was approaching the crucial eighty-year deadline. The transaction was concluded in March 2009. The landlord’s charges were kept to an absolute minimum.

Loddon case:

Last Winter we were e-mailed by Mr and Mrs. U Green , who acquired a one bedroom apartment in Loddon in January 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical flats in Loddon with an extended lease were valued around £201,200. The average amount of ground rent was £55 collected yearly. The lease expiry date was on 27 June 2082. Taking into account 56 years as a residual term we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of legals.

Loddon case:

Dr Theo Moore took over the lease of a purpose-built apartment in Loddon in April 2003. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Similar premises in Loddon with an extended lease were worth £300,000. The mid-range ground rent payable was £50 invoiced monthly. The lease ran out in 2102. Taking into account 76 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.