Why you should start your Mosborough lease extension

Top reasons for lease extension now:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Mosborough. Inevitably, the term of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Mosborough have the legal entitlement to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before delaying your Mosborough lease extension. Holding off the cost now only increases the price you will ultimately incur for a lease extension

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

Leasehold residencies in Mosborough with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not finance a property with a short lease

Almost all mortgage lenders require a lengthy amount of time left on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is likely that someone wishing to acquire your property in the future might well do, so where they are unable to obtain a mortgage, then the value of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Mosborough lease extensions?

Regardless of whether you are a tenant or a freeholder in Mosborough,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 Mosborough valuers.

Mosborough Lease Extension Case Summaries:

Isobel, Mosborough, South Yorkshire,

Following protracted correspondence with the landlord of her two bedroom flat in Mosborough, Isobel initiated the lease extension process just as her lease was approaching the all-important 80-year deadline. The transaction was finalised in October 2014. The freeholder’s fees were restricted to less than four hundred pounds.

Mosborough case:

Last month we were called by Mr and Mrs. J Martin , who acquired a basement apartment in Mosborough in September 2012. We are asked if we could approximate the price would be for a ninety year lease extension. Similar residencies in Mosborough with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease expired in 2096. Given that there were 70 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.

Mosborough case:

In 2010 we were called by Dr Noah Stewart who, having purchased a garden apartment in Mosborough in June 1995. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Comparable properties in Mosborough with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2076. Taking into account 50 years remaining we calculated the premium to the landlord to extend the lease to be within £44,700 and £51,600 plus costs.