Main reasons to start your New Rossington lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in New Rossington. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in New Rossington have the legal entitlement to extend the lease for an additional ninety years under legislation. Do give due consideration before delaying your New Rossington lease extension. Putting off that expense now simply increases the price you will eventually incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold properties in New Rossington with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage with a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to acquire your property in the future might well do, so where they are not able to get a mortgage, then the market price of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in New Rossington?

Using our service will provide you increased control over the value of your New Rossington leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

New Rossington Lease Extension Example Cases:

Caleb, New Rossington, South Yorkshire,

Caleb was the the leasehold proprietor of a studio flat in New Rossington being sold with a lease of fraction over 61 years outstanding. Caleb informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Caleb to invoke his statutory right. Caleb obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

New Rossington case:

In 2012 we were approached by Dr Kai Bertrand who, having was assigned a lease of a one bedroom apartment in New Rossington in March 2003. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in New Rossington with an extended lease were in the region of £233,200. The average amount of ground rent was £60 invoiced monthly. The lease ran out in 2087. Having 61 years remaining we calculated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of legals.

New Rossington case:

Dr J Hall bought a one bedroom flat in New Rossington in April 1997. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Similar residencies in New Rossington with a long lease were worth £171,800. The mid-range ground rent payable was £55 billed yearly. The lease finished in 2076. Having 50 years unexpired we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.