Main reasons to commence your Mablethorpe lease extension

Main reasons to start your Mablethorpe lease extension today:

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

Mablethorpe leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Mablethorpe will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain cases you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

Lending institutions will not lend on a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term falls under a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Mablethorpe home.

What makes us experts in Mablethorpe lease extensions?

Lease extensions in Mablethorpe can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 dealing with Mablethorpe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mablethorpe Lease Extension Case Studies:

Madeleine, Mablethorpe, Lincolnshire,

Subsequent to protracted negotiations with the freeholder of her two bedroom flat in Mablethorpe, Madeleine started the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work completed in May 2012. The freeholder’s costs were negotiated to less than 500 GBP.

Mablethorpe case:

In 2011 we were phoned by Mr and Mrs. G Bonnet who, having completed a basement flat in Mablethorpe in January 1997. We are asked if we could estimate the premium would be for a ninety year lease extension. Identical residencies in Mablethorpe with a long lease were valued about £210,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease lapsed on 14 July 2106. Having 80 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.

Mablethorpe case:

In 2009 we were approached by Dr Isabel Clark who, having purchased a basement flat in Mablethorpe in May 1995. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparative flats in Mablethorpe with an extended lease were valued about £280,000. The mid-range ground rent payable was £45 collected per annum. The lease finished on 21 April 2096. Having 70 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus expenses.