Main reasons to start your Newmarket lease extension

Main reasons to commence your Newmarket lease extension today:

Increase your lease and increase your Newmarket property value

The only way is down when it comes to Newmarket lease terms. Newmarket leaseholds that have a remaining term lower than 80 years will de-escalate in value even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies with a short lease

Nearly all mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone wishing to buy your property in the future might well do, so where they can't secure a mortgage, then the value of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Newmarket lease extensions?

Irrespective of whether you are a tenant or a landlord in Newmarket,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Newmarket valuers.

Newmarket Lease Extension Case Summaries:

Ellie, Newmarket, Suffolk,

Off the back of unsuccessful discussions with the landlord of her leasehold apartment in Newmarket, Ellie commenced the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work was concluded in April 2015. The freeholder’s costs were restricted to approximately 500 GBP.

Newmarket case:

Last month we were e-mailed by Dr S Mercier , who owned a one bedroom apartment in Newmarket in July 2009. The dilemma was if we could approximate the price would likely be to prolong the lease by an additional years. Comparable properties in Newmarket with an extended lease were in the region of £206,200. The mid-range ground rent payable was £60 invoiced monthly. The lease ended on 2 May 2082. Having 56 years as a residual term we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of legals.

Newmarket case:

In 2009 we were e-mailed by Dr David Jackson who, having was assigned a lease of a one bedroom flat in Newmarket in October 2001. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Identical premises in Newmarket with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced per annum. The lease finished in 2102. Taking into account 76 years unexpired we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.