Main reasons to commence your Lyddington lease extension

Why you should commence your Lyddington lease extension today:

A Lyddington lease depreciates with the years remaining on the lease.

Lyddington leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease drops under 80 years - otherwise a higher amount will be due. Flat owners in Lyddington will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s sensible to be guided by a lawyer during the process.

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

Leasehold premises in Lyddington with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies on a short lease

Lenders do not like short residential leases. You are likely to experience problems where you wish to sell your flat in Lyddington if the unexpired term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Lyddington lease extensions?

Using our service gives you enhanced control over the value of your Lyddington leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Lyddington Lease Extension Example Cases:

Maisie, Lyddington, Rutland,

Off the back of protracted discussions with the freeholder of her purpose-built flat in Lyddington, Maisie initiated the lease extension process just as the lease was coming close to the critical eighty-year threshold. The legal work completed in January 2005. The freeholder’s charges were restricted to a tad over four hundred GBP.

Lyddington case:

Mr and Mrs. C Lefebvre completed a one bedroom apartment in Lyddington in September 2009. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable residencies in Lyddington with a long lease were valued about £193,400. The mid-range amount of ground rent was £65 collected quarterly. The lease lapsed on 28 October 2085. Having 59 years as a residual term we estimated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including legals.

Lyddington case:

Mr Austin Bonnet owned a one bedroom apartment in Lyddington in March 1995. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Similar premises in Lyddington with an extended lease were in the region of £255,000. The average ground rent payable was £50 invoiced yearly. The lease ended in 2096. Taking into account 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £10,500 and £12,000 exclusive of legals.