Main reasons to start your Navenby lease extension

Top reasons for lease extension now:

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

With a long leasehold premises in Navenby, you effectively rent it for a certain period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly notably when there are fewer than eighty years remaining. Residents in Navenby with a lease approaching 81 years unexpired should seriously think of extending it sooner rather than later. When the lease term has below 80 years left, under the current Act the freeholder can calculate and charge a greater amount, based on a technical calculation, strangely termed as “marriage value” which is due.

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

Leasehold residencies in Navenby with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not lend with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Navenby property being difficult to dispose of or refinance.

What makes us experts in Navenby lease extensions?

The conveyancers that we work with procure Navenby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Navenby Lease Extension Example Cases:

Tia, Navenby, Lincolnshire,

Off the back of protracted correspondence with the freeholder of her ground floor flat in Navenby, Tia started the lease extension process just as the lease was approaching the critical 80-year deadline. The legal work was finalised in April 2010. The freeholder’s costs were negotiated to slightly above 600 pounds.

Navenby case:

In 2011 we were contacted by Mr and Mrs. T Pérez who, having moved into a garden apartment in Navenby in May 2002. We are asked if we could estimate the premium would likely be to prolong the lease by ninety years. Comparable properties in Navenby with 100 year plus lease were in the region of £201,200. The mid-range amount of ground rent was £55 collected per annum. The lease end date was on 17 March 2082. Considering the 56 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of costs.

Navenby case:

Last Christmas we were approach by Mr and Mrs. S Bailey , who was assigned a lease of a basement apartment in Navenby in August 1995. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Similar flats in Navenby with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 collected per annum. The lease ran out on 22 June 2102. Given that there were 76 years remaining we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.