Top reasons for Martlesham Heath lease extension

Why you should start your Martlesham Heath lease extension today:

Increase your lease and increase your Martlesham Heath property value

Martlesham Heath leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Martlesham Heath residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Martlesham Heath you should see if your lease has between 70 and 90 years remaining. There are good reasons why a Martlesham Heath leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage on a short lease

Most mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Martlesham Heath lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Martlesham Heath leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Martlesham Heath Lease Extension Example Cases:

Rachel, Martlesham Heath, Suffolk,

Trailing unsuccessful negotiations with the landlord of her basement flat in Martlesham Heath, Rachel initiated the lease extension process as the 80 year deadline was quickly nearing. The lease extension completed in November 2015. The landlord’s charges were kept to an absolute minimum.

Martlesham Heath case:

Dr Jude Wilson took over the lease of a one bedroom flat in Martlesham Heath in March 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Similar homes in Martlesham Heath with 100 year plus lease were worth £218,000. The average ground rent payable was £45 collected per annum. The lease concluded in 2089. Taking into account 63 years unexpired we estimated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of costs.

Martlesham Heath case:

Last Autumn we were phoned by Ms T Cooper , who bought a ground floor apartment in Martlesham Heath in August 2008. We are asked if we could estimate the price could be for a ninety year lease extension. Similar homes in Martlesham Heath with a long lease were worth £265,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease ran out on 4 November 2100. Taking into account 74 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including costs.