Why you should start your Lutterworth lease extension

Main reasons to commence your Lutterworth lease extension today:

Increase your lease and increase your Lutterworth property value

The only way is down when it comes to Lutterworth lease terms. Lutterworth properties that have a lease term fewer than 80 years will drop in value even faster, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this could result in your Lutterworth property becoming difficult to sell or refinance.

What makes us experts in Lutterworth lease extensions?

Regardless of whether you are a tenant or a freeholder in Lutterworth,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Lutterworth valuers.

Lutterworth Lease Extension Example Cases:

Mia, Lutterworth, Leicestershire,

In the wake of eight months of unsuccessful negotiations with the landlord of her ground floor flat in Lutterworth, Mia commenced the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was finalised in April 2012. The landlord’s fees were kept to an absolute minimum.

Lutterworth case:

Mr and Mrs. P Bennett bought a garden flat in Lutterworth in June 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Similar residencies in Lutterworth with a long lease were valued about £218,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ran out on 22 January 2089. Having 63 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 not including expenses.

Lutterworth case:

Last Winter we were approach by Mr T Morris , who completed a garden flat in Lutterworth in May 2011. The question was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparative residencies in Lutterworth with an extended lease were valued about £270,000. The average amount of ground rent was £55 collected every twelve months. The lease elapsed in 2100. Considering the 74 years outstanding we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.