Why you should start your Market Rasen lease extension

Top reasons for lease extension now:

Increase your lease and increase your Market Rasen property value

It’s an underpublicised truth that a Market Rasen residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Market Rasen property prices.Once your lease nears 85ish years, you need to start considering a lease extension. If lease term falls under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most leasehold owners in Market Rasen will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the formalities.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years left once the mortgage has expired. As a number of flats in Market Rasen were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Market Rasen?

Regardless of whether you are a tenant or a landlord in Market Rasen,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Market Rasen valuers.

Market Rasen Lease Extension Case Summaries:

Freya, Market Rasen, Lincolnshire,

Off the back of protracted discussions with the freeholder of her ground floor flat in Market Rasen, Freya started the lease extension process as the eighty year threshold was fast approaching. The legal work was concluded in June 2015. The landlord’s charges were negotiated to less than 700 pounds.

Market Rasen case:

In 2011 we were called by Mr and Mrs. C Lefebvre who, having acquired a ground floor flat in Market Rasen in April 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Similar properties in Market Rasen with a long lease were valued around £260,000. The mid-range ground rent payable was £50 collected yearly. The lease came to a finish on 15 September 2098. Given that there were 72 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.

Market Rasen case:

Last year we were e-mailed by Mr and Mrs. D Jones , who took over the lease of a ground floor flat in Market Rasen in February 2000. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Comparative flats in Market Rasen with a long lease were in the region of £256,600. The mid-range amount of ground rent was £60 collected annually. The lease expiry date was on 27 April 2078. Taking into account 52 years left we estimated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 not including expenses.