Top reasons for Nelson lease extension

Why you should commence your Nelson lease extension today:

Increase your lease and increase your Nelson property value

Nelson leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Nelson enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Nelson you would be well advised to investigate if your lease has between 70 and 90 years left. There are good reasons why a Nelson leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Nelson property being difficult to dispose of or refinance.

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

Lease extensions in Nelson can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in this area.

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 in-depth market knowledge procuring Nelson lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nelson Lease Extension Case Summaries:

Nathan, Nelson, Lancashire

Two years ago Nathan, started to get near to the 80-year threshold with the lease on his first floor apartment in Nelson. In buying his property two decades ago, the unexpired term was of no significance. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. Nathan extended the lease just under the wire in July. Nathan and the freeholder ultimately agreed on sum of £6,000 . If the lease had dropped below eighty years, the price would have escalated by at least £1,000.

Nelson case:

Mr and Mrs. K Bernard moved into a basement apartment in Nelson in August 2007. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparative residencies in Nelson with 100 year plus lease were valued around £267,600. The mid-range amount of ground rent was £65 billed annually. The lease elapsed on 1 March 2093. Having 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of professional charges.

Nelson case:

Last Autumn we were phoned by Mr and Mrs. R Brown , who was assigned a lease of a garden flat in Nelson in January 2003. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparable residencies in Nelson with a long lease were worth £201,200. The mid-range ground rent payable was £55 invoiced monthly. The lease ended on 8 July 2082. Having 56 years outstanding we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including costs.