Main reasons to commence your Niton lease extension

Top reasons for lease extension now:

A Niton lease depreciates with the years remaining on the lease.

Niton leases on domestic properties are gradually losing value. if your lease has about 90 years left, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Niton will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Niton with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

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

Engaging our service gives you increased control over the value of your Niton leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Niton Lease Extension Example Cases:

Poppy, Niton, Isle Of Wight,

In the wake of eight months of unsuccessful correspondence with the landlord of her ground floor apartment in Niton, Poppy initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work completed in August 2015. The landlord’s costs were restricted to about 700 pounds.

Niton case:

Last April we were phoned by Mr and Mrs. F Simon , who moved into a purpose-built apartment in Niton in May 2009. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Similar properties in Niton with an extended lease were worth £174,200. The mid-range ground rent payable was £55 billed monthly. The lease elapsed in 2077. Considering the 51 years remaining we approximated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including fees.

Niton case:

Mr and Mrs. C Cox moved into a first floor apartment in Niton in July 2005. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative residencies in Niton with 100 year plus lease were worth £285,000. The average ground rent payable was £45 collected annually. The lease ended on 7 August 2097. Having 71 years outstanding we estimated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.