Top reasons for Netherne lease extension

Why you should start your Netherne lease extension today:

Increase your lease and increase your Netherne property value

Netherne leases on residential properties are gradually losing value. Where your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Netherne will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not qualify. There are prescribed deadlines and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

Netherne property with a lease extension is almost the same value as a freehold

Leasehold premises in Netherne with over 100 years left on the lease are often referred to as ‘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 to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may not issue a mortgage with a short lease

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

The conveyancing solicitors that we work with undertake Netherne 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.

Netherne Lease Extension Example Cases:

Alexander, Netherne, South London,

Alexander owned a conversion apartment in Netherne on the market with a lease of a few days over 72 years outstanding. Alexander informally approached his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 annually. Ordinarily, ground rent would not be payable on a lease extension were Alexander to invoke his statutory right. Alexander procured expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Netherne case:

Mr and Mrs. M Smith moved into a purpose-built apartment in Netherne in April 2000. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Netherne with a long lease were in the region of £174,200. The average ground rent payable was £55 invoiced yearly. The lease ended in 2077. Given that there were 51 years outstanding we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus expenses.