Why you should start your Lunt lease extension

Main reasons to commence your Lunt lease extension today:

Increase your lease and increase your Lunt property value

On the balance of probabilities if you own a flat in Lunt you actually own a long leasehold interest over your property

Lunt property with a lease extension is almost 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 approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you want to sell your flat in Lunt if the unexpired lease term is less than the criteria set by most lenders. Different mortgage companies have different requirements but generally theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Lunt lease extension solicitors or enfranchisement solicitors

Lease extensions in Lunt can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 in-depth market knowledge procuring 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 Case Studies:

Stanley, Lunt, Merseyside,

Stanley was the the leasehold proprietor of a studio flat in Lunt being marketed with a lease of fraction over 61 years remaining. Stanley informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be due on a lease extension were Stanley to invoke his statutory right. Stanley obtained expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.

Lunt case:

Dr Elijah Sánchez owned a one bedroom flat in Lunt in September 2011. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable residencies in Lunt with an extended lease were worth £285,000. The average amount of ground rent was £55 invoiced annually. The lease terminated on 15 April 2105. Taking into account 79 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.

Lunt case:

In 2012 we were called by Dr A Rodríguez who, having completed a studio flat in Lunt in September 2012. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparative properties in Lunt with a long lease were worth £193,400. The average amount of ground rent was £65 collected yearly. The lease lapsed in 2085. Considering the 59 years unexpired we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of legals.