Top reasons for Mansfield Woodhouse lease extension

Main reasons to start your Mansfield Woodhouse lease extension today:

Increase your lease and increase your Mansfield Woodhouse property value

Mansfield Woodhouse residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

Mansfield Woodhouse property with a lease extension is almost the same value as a freehold

Leasehold properties in Mansfield Woodhouse with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties once you wish to dispose of or refinance your property as it will be effectively unmortgageable. You may have no imminent intention to sell but when you do your buyer must wait two years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Mansfield Woodhouse?

The lawyers that we work with handle Mansfield Woodhouse lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Mansfield Woodhouse Lease Extension Example Cases:

Toby, Mansfield Woodhouse, Nottinghamshire,

Toby was the the leasehold proprietor of a 2 bedroom apartment in Mansfield Woodhouse on the market with a lease of fraction over 72 years remaining. Toby on an informal basis approached his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Toby to exercise his statutory right. Toby procured expert advice and was able to make a more informed judgement and deal with the matter and sell the property.

Mansfield Woodhouse case:

In 2010 we were called by Dr Lydia Flores who, having completed a newly refurbished flat in Mansfield Woodhouse in April 1996. We are asked if we could estimate the premium could be to prolong the lease by an additional years. Comparative flats in Mansfield Woodhouse with 100 year plus lease were in the region of £256,600. The average ground rent payable was £60 collected annually. The lease lapsed on 24 March 2078. Having 52 years unexpired we estimated the premium to the freeholder to extend the lease to be between £41,800 and £48,400 exclusive of fees.

Mansfield Woodhouse case:

Dr P Lefèvre took over the lease of a first floor flat in Mansfield Woodhouse in November 1997. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar premises in Mansfield Woodhouse with a long lease were worth £218,000. The average amount of ground rent was £45 collected per annum. The lease elapsed in 2089. Having 63 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of costs.