Why you should commence your Minera lease extension

Main reasons to start your Minera lease extension today:

A Minera leasehold property depreciates with the years remaining on the lease.

Minera leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Minera will mostly be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not qualify. There are also strict timetables and steps to comply with once the process is triggered so it’s best to be guided by a lawyer during the process.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property with a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold property. Some will simply refuse lend at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years suitable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Minera home.

What makes us experts in Minera lease extensions?

Lease extensions in Minera can be a difficult process. We recommend you get guidance 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 a wealth of experience procuring Minera lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Minera Lease Extension Example Cases:

Morgan, Minera, Wrexham,

Subsequent to unsuccessful discussions with the freeholder of her leasehold flat in Minera, Morgan commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work completed in June 2008. The freeholder’s charges were kept to an absolute minimum.

Minera case:

Last month we were phoned by Mr M Smith , who owned a basement apartment in Minera in July 1996. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Identical premises in Minera with a long lease were valued around £176,200. The mid-range amount of ground rent was £65 collected per annum. The lease expired on 24 October 2082. Given that there were 56 years left we estimated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 not including costs.

Minera case:

Mr and Mrs. J Smith completed a purpose-built apartment in Minera in May 1999. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Identical properties in Minera with a long lease were in the region of £242,600. The average ground rent payable was £45 collected annually. The lease came to a finish in 2093. Having 67 years unexpired we calculated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 not including fees.