Why you should commence your Muxton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Muxton property value

The only way is down when it comes to Muxton lease terms. Muxton properties that have a remaining term shorter than 80 years will drop in value at a rapid rate, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Muxton with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of potential purchasers.

What makes us experts in Muxton lease extensions?

Lease extensions in Muxton can be a difficult process. We recommend you procure professional help from a conveyancer 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 a wealth of experience dealing with Muxton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Muxton Lease Extension Case Studies:

Sophie, Muxton, Shropshire,

Subsequent to protracted discussions with the landlord of her one bedroom apartment in Muxton, Sophie commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in January 2009. The landlord’s charges were kept to an absolute minimum.

Muxton case:

In 2011 we were phoned by Dr P Parker who, having owned a first floor apartment in Muxton in May 2006. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Similar properties in Muxton with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease expired in 2101. Considering the 75 years remaining we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Muxton case:

Mr George Rose completed a newly refurbished apartment in Muxton in September 2008. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Similar homes in Muxton with 100 year plus lease were worth £173,800. The mid-range amount of ground rent was £65 collected per annum. The lease finished in 2081. Given that there were 55 years outstanding we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of expenses.