Top reasons for Lunt lease extension

Why you should commence your Lunt lease extension today:

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

Lunt leases on residential deteriorating in value. Where your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Lunt will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has commenced so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders will not issue a mortgage on a short lease

The propensity since the credit crunch has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Lunt?

Lease extensions in Lunt can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 dealing with Lunt lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Lunt Lease Extension Example Cases:

Sophia, Lunt, Merseyside,

Following protracted discussions with the landlord of her basement apartment in Lunt, Sophia started the lease extension process as the 80 year mark was fast nearing. The lease extension completed in March 2005. The freeholder’s costs were restricted to less than 500 GBP.

Lunt case:

Mr and Mrs. Y Clarke took over the lease of a studio flat in Lunt in June 1996. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparative premises in Lunt with a long lease were valued about £237,600. The average ground rent payable was £45 collected yearly. The lease lapsed in 2093. Having 67 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 not including costs.

Lunt case:

Last Spring we were e-mailed by Ms F Ramírez , who was assigned a lease of a one bedroom apartment in Lunt in March 1996. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative homes in Lunt with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease expired in 2104. Taking into account 78 years unexpired we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus legals.