Main reasons to start your Long Itchington lease extension

Main reasons to start your Long Itchington lease extension today:

Increase your lease and increase your Long Itchington property value

The market value of Long Itchington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage on a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wanting to buy your property in the future might well do, so if they can't get a mortgage, then the value of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Long Itchington lease extensions?

Lease extensions in Long Itchington can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in this area.

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 in-depth market knowledge procuring Long Itchington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Long Itchington Lease Extension Example Cases:

Chantelle, Long Itchington, Warwickshire,

Subsequent to lengthy negotiations with the landlord of her one bedroom apartment in Long Itchington, Chantelle started the lease extension process as the eighty year deadline was fast advancing. The transaction was finalised in August 2009. The landlord’s charges were kept to an absolute minimum.

Long Itchington case:

Last Autumn we were phoned by Mr and Mrs. J Gómez , who took over the lease of a one bedroom apartment in Long Itchington in November 2007. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar homes in Long Itchington with a long lease were worth £174,200. The average ground rent payable was £55 billed annually. The lease expiry date was on 19 July 2077. Considering the 51 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 plus professional charges.

Long Itchington case:

Mr and Mrs. D Ricardo bought a one bedroom flat in Long Itchington in March 2007. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable homes in Long Itchington with an extended lease were valued about £285,000. The average ground rent payable was £45 collected quarterly. The lease end date was in 2097. Taking into account 71 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.