Top reasons for Melbourne lease extension

Main reasons to commence your Melbourne lease extension today:

Increase your lease and increase your Melbourne property value

On the balance of probabilities where you own a flat in Melbourne you actually own a long leasehold interest over your property

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

Leasehold properties in Melbourne with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Melbourne if the unexpired term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Melbourne?

The lawyers that we work with procure Melbourne lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Melbourne Lease Extension Example Cases:

Ethan, Melbourne, Derbyshire,

Ethan owned a studio apartment in Melbourne being marketed with a lease of a few days over sixty years remaining. Ethan informally contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.

Melbourne case:

In 2010 we were contacted by Dr Aimee Gómez who, having purchased a purpose-built flat in Melbourne in February 2008. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparable residencies in Melbourne with an extended lease were in the region of £240,600. The mid-range ground rent payable was £65 collected yearly. The lease concluded in 2088. Given that there were 62 years unexpired we approximated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including costs.

Melbourne case:

In 2009 we were phoned by Mr and Mrs. J Jackson who, having owned a studio flat in Melbourne in May 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar properties in Melbourne with 100 year plus lease were worth £174,200. The mid-range amount of ground rent was £55 billed quarterly. The lease finished on 20 November 2077. Taking into account 51 years outstanding we approximated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus costs.