Main reasons to commence your New Mills lease extension

Main reasons to start your New Mills lease extension today:

A New Mills lease depreciates with the years remaining on the lease.

For those whose New Mills flat is held on a long lease, the message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your New Mills property being difficult to dispose of or refinance.

What makes us experts in New Mills lease extensions?

Lease extensions in New Mills can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with New Mills lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

New Mills Lease Extension Example Cases:

David, New Mills, Derbyshire

Last October David, came seriously near to the 80-year mark with the lease on his two bedroom flat in New Mills. Having bought his flat two decades ago, the lease term was of no concern. by good luck, he realised he would imminently be paying way over the odds for Extending the lease. David arranged for a lease extension just in the nick of time last January. David and the landlord ultimately settled on sum of £5,500 . If he not met the deadline, the price would have increased by a minimum £1,075.

New Mills case:

Dr Logan Garcia acquired a one bedroom flat in New Mills in April 1995. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical flats in New Mills with 100 year plus lease were in the region of £240,600. The average amount of ground rent was £60 invoiced annually. The lease finished in 2088. Having 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including expenses.

New Mills case:

In 2013 we were called by Ms Bethany Laurent who, having owned a first floor apartment in New Mills in July 2009. The question was if we could approximate the premium would likely be to prolong the lease by a further 90 years. Similar properties in New Mills with 100 year plus lease were worth £174,200. The average amount of ground rent was £55 billed annually. The lease ran out in 2077. Having 51 years remaining we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of fees.