Main reasons to start your Mickleover lease extension

Main reasons to start your Mickleover lease extension today:

Increase your lease and increase your Mickleover property value

The market value of Mickleover leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is below than eighty years

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

Leasehold properties in Mickleover with in excess of one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not loan monies on a short lease

Lenders do not like short residential leases. You most probably experience problems where you wish to sell your flat in Mickleover if the remaining lease term is less than the criteria set by the majority of banks and building societies. Different lenders have varying criteria but generally they are looking for an unexpired term of at least seventy years.

What makes us experts in Mickleover lease extensions?

Irrespective of whether you are a tenant or a freeholder in Mickleover,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Mickleover valuers.

Mickleover Lease Extension Example Cases:

Alfie, Mickleover, Derbyshire

Last year Alfie, came seriously close to the 80-year mark with the lease on his ground floor apartment in Mickleover. In buying his property 19 years previously, the lease term was of little importance. Thankfully, he noticed he would imminently be paying way over the odds for a lease extension. Alfie arranged for a lease extension just in the nick of time in April. Alfie and the freeholder via the managing agents in the end settled on an amount of £5,000 . If the lease had gone lower than 80 years, the sum would have become more exhorbitant by a minimum £900.

Mickleover case:

In 2012 we were contacted by Mr and Mrs. W Mason who, having moved into a one bedroom flat in Mickleover in September 2002. The dilemma was if we could approximate the premium would be to extend the lease by 90 years. Comparable residencies in Mickleover with 100 year plus lease were valued around £223,400. The mid-range ground rent payable was £60 invoiced annually. The lease ended on 14 March 2085. Taking into account 59 years unexpired we calculated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 not including expenses.

Mickleover case:

Ms R Girard purchased a one bedroom apartment in Mickleover in March 1995. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Mickleover with an extended lease were in the region of £205,000. The average ground rent payable was £50 collected annually. The lease elapsed in 2105. Having 79 years unexpired we estimated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.