Why you should commence your Melton Mowbray lease extension

Why you should start your Melton Mowbray lease extension today:

A Melton Mowbray lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Melton Mowbray. Clearly, the length of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Eligible leaseholders in Melton Mowbray have the right to extend the lease for an additional ninety years under legislation. You should give careful deliberation before delaying your Melton Mowbray lease extension. Holding off that expense now likely increases the price you will eventually have to pay to extend your lease

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

It is conventional wisdom that a property with more than 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Many mortgage lenders will be unwilling to lend on a lease with under 70 years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Melton Mowbray property being difficult to sell or remortgage.

Why use us for your lease extension in Melton Mowbray?

The conveyancers that we work with procure Melton Mowbray 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 conveyancing solicitor we work with provide it.

Melton Mowbray Lease Extension Case Studies:

Ollie, Melton Mowbray, Leicestershire

Half a year ago Ollie, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Melton Mowbray. Having bought his flat 19 years ago, the lease term was of no significance. by good luck, he noticed he needed to take action soon on a lease extension. Ollie arranged for a lease extension just in the nick of time in July. Ollie and the landlord who owned the flat above eventually agreed on a premium of £5,000 . If he had missed the deadline, the sum would have increased by at least £950.

Melton Mowbray case:

Last Winter we were contacted by Dr L Edwards , who took over the lease of a studio apartment in Melton Mowbray in September 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Similar flats in Melton Mowbray with an extended lease were valued around £290,000. The mid-range ground rent payable was £45 invoiced annually. The lease lapsed on 21 February 2099. Having 73 years outstanding we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.

Melton Mowbray case:

Mr Nathan Hernández was assigned a lease of a first floor apartment in Melton Mowbray in September 2001. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Comparative premises in Melton Mowbray with a long lease were valued about £240,600. The mid-range ground rent payable was £60 billed monthly. The lease ended in 2088. Having 62 years left we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus professional charges.