Main reasons to commence your Narborough lease extension

Why you should commence your Narborough lease extension today:

A Narborough lease depreciates with the years remaining on the lease.

The nearer a residential lease in Narborough nears to zero years unexpired, the more it reduces the value of the property. If the residual term has, in excess of 100 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Narborough will meet the qualifying criteria; however a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties when you need to sell or remortgage your flat as it will be effectively unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer must hold off for 2 years before they can exercise the right to a a lease extension.

What makes us experts in Narborough lease extensions?

Regardless of whether you are a tenant or a landlord in Narborough,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Narborough valuers.

Narborough Lease Extension Example Cases:

Aarav, Narborough, Leicestershire,

Aarav owned a high value apartment in Narborough on the market with a lease of a little over 59 years unexpired. Aarav on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Aarav to invoke his statutory right. Aarav obtained expert legal guidance and secured an acceptable deal without going to tribunal and sell the flat.

Narborough case:

Last July we were called by Dr I Harris , who owned a purpose-built apartment in Narborough in August 1999. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Comparative homes in Narborough with 100 year plus lease were worth £181,600. The mid-range ground rent payable was £55 invoiced every twelve months. The lease finished on 14 September 2078. Given that there were 52 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of costs.

Narborough case:

Mr and Mrs. Y Cooper moved into a basement apartment in Narborough in April 2005. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Similar properties in Narborough with an extended lease were valued about £285,000. The average ground rent payable was £45 invoiced yearly. The lease elapsed on 4 November 2098. Considering the 72 years unexpired we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.