Why you should start your Nether Edge lease extension

Why you should start your Nether Edge lease extension today:

A Nether Edge lease depreciates with the years remaining on the lease.

Nether Edge leases on domestic properties are gradually losing value. Where your lease has about 90 years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the current lease falls lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Nether Edge will mostly qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not be entitled. There are prescribed timetables and steps to follow once the process is initiated so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Nether Edge with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not loan monies on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Nether Edge property being difficult to dispose of or to obtain finance on.

What makes us experts in Nether Edge lease extensions?

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 a wealth of experience dealing with 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 Example Cases:

Alexandra, Nether Edge, South Yorkshire,

In the wake of 6 months of protracted discussions with the landlord of her two bedroom flat in Nether Edge, Alexandra initiated the lease extension process as the 80 year deadline was swiftly advancing. The transaction was finalised in January 2011. The landlord’s charges were kept to an absolute minimum.

Nether Edge case:

In 2010 we were phoned by Mr and Mrs. J Davis who, having took over the lease of a studio flat in Nether Edge in March 2003. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable properties in Nether Edge with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 collected per annum. The lease elapsed in 2086. Having 60 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £25,700 and £29,600 not including professional charges.

Nether Edge case:

Last month we were e-mailed by Dr Freddie Martin , who bought a studio apartment in Nether Edge in May 1996. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable flats in Nether Edge with a long lease were in the region of £210,000. The mid-range ground rent payable was £50 invoiced per annum. The lease termination date was on 24 January 2106. Taking into account 80 years left we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.