Main reasons to start your Moor Row lease extension

Why you should start your Moor Row lease extension today:

Increase your lease and increase your Moor Row property value

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 cost of extending the lease can escalate materialy once the remaining term is less than 80 years

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

It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties once you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you may have no immediate desire to sell but when you do your purchaser will have to hold off for 2 years before being able to commence the legal procedures for an extension to the lease.

Get in touch with one of our Moor Row lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Moor Row leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Moor Row Lease Extension Example Cases:

Kelsey, Moor Row, Cumbria,

Trailing unsuccessful discussions with the landlord of her basement flat in Moor Row, Kelsey started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension completed in July 2013. The freeholder’s costs were kept to an absolute minimum.

Moor Row case:

In 2010 we were contacted by Dr G Harris who, having bought a recently refurbished flat in Moor Row in April 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar properties in Moor Row with 100 year plus lease were worth £285,000. The average ground rent payable was £45 billed yearly. The lease ended on 5 November 2098. Taking into account 72 years unexpired we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.

Moor Row case:

Last Autumn we were e-mailed by Mr and Mrs. A Hall , who was assigned a lease of a first floor flat in Moor Row in February 2002. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Similar premises in Moor Row with an extended lease were valued about £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease ran out on 6 November 2087. Taking into account 61 years unexpired we calculated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including costs.