Why you should commence your Nether Edge lease extension

Main reasons to commence your Nether Edge lease extension today:

Increase your lease and increase your Nether Edge property value

The market value of Nether Edge leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties as and when you need to market or remortgage your flat as it will be effectively unmortgageable. Even though you might have no immediate desire to sell but when you do your purchaser will have to hold off for 2 years before they can initiate the legal procedures for an extension to the lease.

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

Lease extensions in Nether Edge can be a difficult process. We recommend you secure guidance 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 in-depth market knowledge procuring Nether Edge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nether Edge Lease Extension Case Summaries:

Olivia, Nether Edge, South Yorkshire,

Off the back of protracted correspondence with the freeholder of her leasehold apartment in Nether Edge, Olivia started the lease extension process as the 80 year deadline was quickly advancing. The lease extension was finalised in January 2011. The freeholder’s costs were kept to an absolute minimum.

Nether Edge case:

Mrs Chantelle Adams moved into a one bedroom flat in Nether Edge in July 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparative homes in Nether Edge with a long lease were valued about £285,000. The average ground rent payable was £45 invoiced yearly. The lease ran out in 2098. Given that there were 72 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of costs.

Nether Edge case:

In 2014 we were approached by Mr and Mrs. N Brooks who, having took over the lease of a garden flat in Nether Edge in January 2012. The dilemma was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Identical properties in Nether Edge with a long lease were valued about £233,200. The average amount of ground rent was £60 collected annually. The lease ended in 2087. Given that there were 61 years as a residual term we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of legals.