Top reasons for Mapperley lease extension

Top reasons for lease extension now:

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

The value of Mapperley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than eighty years

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

Leasehold residencies in Mapperley with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not lend with a short lease

What makes us experts in Mapperley lease extensions?

Using our service will provide you better control over the value of your Mapperley leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Mapperley Lease Extension Case Summaries:

Archie, Mapperley, Nottinghamshire,

Archie owned a conversion apartment in Mapperley being sold with a lease of fraction over 72 years outstanding. Archie informally spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Archie to invoke his statutory right. Archie procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Mapperley case:

In 2009 we were phoned by Mr Alexander Fournier who, having moved into a ground floor apartment in Mapperley in October 1997. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparable premises in Mapperley with 100 year plus lease were in the region of £264,000. The average ground rent payable was £60 billed annually. The lease lapsed on 6 February 2079. Considering the 53 years remaining we calculated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 plus legals.

Mapperley case:

Ms E Martínez bought a one bedroom apartment in Mapperley in July 2010. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Identical residencies in Mapperley with a long lease were valued about £225,400. The average amount of ground rent was £45 collected quarterly. The lease finished in 2090. Taking into account 64 years unexpired we approximated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 not including legals.