Why you should start your Loughborough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Loughborough property value

Loughborough leases on residential deteriorating in value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in Loughborough will usually qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is triggered so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may cause difficulties when you come to sell or remortgage your flat as it will be effectively unmortgageable. You may not have an immediate desire to sell but when you do your buyer will need to wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Loughborough lease extensions?

Lease extensions in Loughborough can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Loughborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Loughborough Lease Extension Case Summaries:

Robyn, Loughborough, Leicestershire,

Subsequent to protracted negotiations with the landlord of her basement flat in Loughborough, Robyn started the lease extension process as the eighty year mark was swiftly nearing. The legal work was concluded in November 2007. The freeholder’s charges were kept to an absolute minimum.

Loughborough case:

In 2012 we were contacted by Mrs M Dupont who, having acquired a recently refurbished flat in Loughborough in November 1998. The dilemma was if we could estimate the price would likely be to extend the lease by 90 years. Similar premises in Loughborough with a long lease were worth £218,400. The mid-range ground rent payable was £60 collected annually. The lease came to a finish in 2085. Considering the 59 years unexpired we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 plus professional charges.

Loughborough case:

Mr and Mrs. W Brooks took over the lease of a basement flat in Loughborough in October 1999. The dilemma was if we could approximate the premium would be to extend the lease by ninety years. Identical flats in Loughborough with a long lease were worth £205,000. The mid-range ground rent payable was £50 collected every twelve months. The lease elapsed on 7 August 2105. Given that there were 79 years unexpired we approximated the premium to the freeholder to extend the lease to be within £7,600 and £8,800 not including professional charges.