Main reasons to start your Moor Row lease extension

Main reasons to start your Moor Row lease extension today:

A Moor Row leasehold property depreciates with the years remaining on the lease.

The value of Moor Row leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to loan monies on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold property. Some will simply not lend at all once the residual lease term goes under a specified unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Moor Row property.

Why use us for your lease extension in Moor Row?

Lease extensions in Moor Row can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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

Moor Row Lease Extension Case Summaries:

Milo, Moor Row, Cumbria,

Milo was the the leasehold owner of a studio flat in Moor Row on the market with a lease of just over 59 years left. Milo on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 annually. No ground rent would be payable on a lease extension were Milo to exercise his statutory right. Milo obtained expert advice and was able to make an informed decision and deal with the matter and sell the property.

Moor Row case:

In 2010 we were e-mailed by Mr and Mrs. U Díaz who, having bought a one bedroom flat in Moor Row in August 1998. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical homes in Moor Row with a long lease were in the region of £300,000. The mid-range ground rent payable was £50 invoiced monthly. The lease expired in 2102. Given that there were 76 years left we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Moor Row case:

Last Christmas we were called by Mr Y Martinez , who moved into a garden apartment in Moor Row in January 2008. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable flats in Moor Row with a long lease were worth £257,800. The average amount of ground rent was £65 invoiced per annum. The lease concluded on 16 January 2091. Taking into account 65 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 plus costs.