Main reasons to start your Mickleover lease extension

Why you should commence your Mickleover lease extension today:

Increase your lease and increase your Mickleover property value

Chances are that if you own a flat in Mickleover you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Mickleover?

Lease extensions in Mickleover can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.

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 in-depth market knowledge dealing with Mickleover lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Mickleover Lease Extension Case Studies:

Kyle, Mickleover, Derbyshire

In recent months Kyle, came dangerously near to the 80-year threshold with the lease on his two bedroom apartment in Mickleover. In buying his flat 18 years ago, the lease term was of no interest. Thankfully, it dawned on him that he would imminently be paying an escalated premium for a lease extension. Kyle was able to extend his lease just under the wire last March. Kyle and the landlord who owned the flat above eventually agreed on sum of £5,000 . If the lease had dropped to less than 80 years, the figure would have become more costly by at least £1,150.

Mickleover case:

Mr and Mrs. B Dupont bought a basement apartment in Mickleover in January 2005. The dilemma was if we could estimate the premium would be to prolong the lease by a further 90 years. Identical properties in Mickleover with 100 year plus lease were worth £243,000. The mid-range amount of ground rent was £65 collected every twelve months. The lease termination date was in 2089. Considering the 63 years unexpired we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 plus fees.

Mickleover case:

In 2009 we were called by Dr R Jackson who, having took over the lease of a one bedroom flat in Mickleover in June 2000. The question was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative properties in Mickleover with an extended lease were in the region of £181,600. The average ground rent payable was £55 billed annually. The lease end date was in 2078. Taking into account 52 years unexpired we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.