Main reasons to start your Mapperley lease extension

Why you should commence your Mapperley lease extension today:

A Mapperley leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Mapperley. Inevitably, the term of lease left shortens as time goes by. This is often overlooked and only raises itself as an issue when the residence needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Mapperley have the right to extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Do give due attention before delaying your Mapperley lease extension. Putting off that expense now only increases the price you will ultimately have to pay for a lease extension

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Banks and building societies are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Mapperley were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Mapperley?

Lease extensions in Mapperley can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 in-depth market knowledge procuring Mapperley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mapperley Lease Extension Example Cases:

Danielle, Mapperley, Nottinghamshire,

Trailing unsuccessful discussions with the landlord of her two bedroom flat in Mapperley, Danielle commenced the lease extension process just as the lease was approaching the crucial 80-year deadline. The lease extension completed in March 2012. The freeholder’s costs were kept to an absolute minimum.

Mapperley case:

Last August we were e-mailed by Dr Leon Richardson , who owned a newly refurbished flat in Mapperley in June 2005. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative homes in Mapperley with a long lease were valued about £227,800. The mid-range ground rent payable was £45 invoiced per annum. The lease elapsed on 9 August 2091. Having 65 years unexpired we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.

Mapperley case:

Last Summer we were approach by Mr and Mrs. G Martin , who took over the lease of a one bedroom flat in Mapperley in January 2007. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Identical properties in Mapperley with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 collected annually. The lease terminated in 2102. Having 76 years left we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of costs.