Why you should commence your Market Drayton lease extension

Top reasons for lease extension now:

A Market Drayton leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Market Drayton is a wasting asset as a result of the shortening lease. If the residual term has, over one hundred years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Market Drayton will meet the qualifying criteria; however a conveyancer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years left at the end of the mortgage. Considering plenty of flats in Market Drayton were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Market Drayton lease extensions?

Lease extensions in Market Drayton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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

Market Drayton Lease Extension Case Studies:

Jordan, Market Drayton, Shropshire,

Off the back of lengthy discussions with the landlord of her one bedroom apartment in Market Drayton, Jordan initiated the lease extension process just as her lease was coming close to the all-important 80-year deadline. The lease extension was finalised in August 2015. The landlord’s costs were kept to an absolute minimum.

Market Drayton case:

Last Christmas we were e-mailed by Mr and Mrs. F Mason , who took over the lease of a one bedroom apartment in Market Drayton in September 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by an additional years. Similar residencies in Market Drayton with an extended lease were worth £250,400. The average ground rent payable was £65 billed every twelve months. The lease elapsed in 2090. Having 64 years left we approximated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of fees.

Market Drayton case:

Last Christmas we were phoned by Ms Charlotte García , who bought a recently refurbished apartment in Market Drayton in November 2012. The question was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative residencies in Market Drayton with 100 year plus lease were valued around £189,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease lapsed in 2079. Taking into account 53 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including costs.