Top reasons for Moor Row lease extension

Why you should commence your Moor Row lease extension today:

Increase your lease and increase your Moor Row property value

On the balance of probabilities where you own a flat in Moor Row you actually own a long leasehold interest over your property

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

Leasehold residencies in Moor Row with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may not issue a mortgage on a short lease

Most banks have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

What makes us experts in Moor Row lease extensions?

The conveyancing solicitors that we work with handle Moor Row 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 conveyancer we work with provide it.

Moor Row Lease Extension Example Cases:

Cameron, Moor Row, Cumbria,

Cameron was the the leasehold proprietor of a 2 bedroom apartment in Moor Row being marketed with a lease of a few days over 72 years unexpired. Cameron informally contacted his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Cameron to exercise his statutory right. Cameron procured expert advice and secured satisfactory deal without going to tribunal and sell the property.

Moor Row case:

Last Summer we were called by Mr N González , who completed a garden apartment in Moor Row in January 2012. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by 90 years. Comparative premises in Moor Row with an extended lease were worth £250,400. The mid-range ground rent payable was £65 billed quarterly. The lease came to a finish in 2090. Having 64 years remaining we calculated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including professional charges.

Moor Row case:

Mrs G Mitchell acquired a recently refurbished flat in Moor Row in April 2010. The question was if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical flats in Moor Row with a long lease were in the region of £184,000. The average amount of ground rent was £55 billed yearly. The lease finished on 1 June 2079. Having 53 years left we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of legals.