Main reasons to start your Mexborough and Swinton lease extension

Why you should start your Mexborough and Swinton lease extension today:

Increase your lease and increase your Mexborough and Swinton property value

Chances are that where you own a flat in Mexborough and Swinton you actually own a long leasehold interest over your property

Mexborough and Swinton 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 unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering plenty of flats in Mexborough and Swinton were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

Get in touch with one of our Mexborough and Swinton lease extension solicitors or enfranchisement solicitors

Lease extensions in Mexborough and Swinton can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.

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

Mexborough and Swinton Lease Extension Case Summaries:

Archie, Mexborough and Swinton, South Yorkshire,

Archie was the the leasehold owner of a high value apartment in Mexborough and Swinton being marketed with a lease of a few days over 61 years left. Archie informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. No ground rent would be due on a lease extension were Archie to invoke his statutory right. Archie procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Mexborough and Swinton case:

Last month we were phoned by Mr and Mrs. J Clark , who purchased a one bedroom apartment in Mexborough and Swinton in November 2004. We are asked if we could approximate the price would be for a ninety year extension to my lease. Similar properties in Mexborough and Swinton with a long lease were in the region of £171,800. The mid-range amount of ground rent was £55 billed every twelve months. The lease expired in 2076. Given that there were 50 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of legals.

Mexborough and Swinton case:

In 2010 we were e-mailed by Mrs O Laurent who, having took over the lease of a first floor flat in Mexborough and Swinton in August 2008. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Identical flats in Mexborough and Swinton with an extended lease were worth £280,000. The average ground rent payable was £45 billed per annum. The lease came to a finish on 11 March 2096. Taking into account 70 years remaining we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.