Main reasons to start your Nuneaton lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Nuneaton. Inevitably, the period of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Nuneaton have the legal entitlement to extend the lease for a further 90 years under Leasehold Reform legislation. You should give careful deliberation before delaying your Nuneaton lease extension. Putting off the cost now likely increases the price you will ultimately incur for a lease extension

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Nuneaton if the unexpired lease term is less than the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Nuneaton?

Using our service gives you increased control over the value of your Nuneaton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Nuneaton Lease Extension Example Cases:

Luca, Nuneaton, Warwickshire

Last year Luca, started to get near to the eighty-year mark with the lease on his first floor apartment in Nuneaton. In buying his property two decades ago, the length of the lease was of no importance. Luckily, he noticed he needed to take action soon on a lease extension. Luca was able to extend his lease just ahead of time last March. Luca and the freeholder in the end settled on a premium of £5,500 . If the lease had dropped lower than 80 years, the figure would have gone up by at least £1,000.

Nuneaton case:

Last Spring we were phoned by Mrs Amelia Alexander , who was assigned a lease of a one bedroom apartment in Nuneaton in March 2011. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar flats in Nuneaton with an extended lease were worth £255,000. The average amount of ground rent was £50 invoiced quarterly. The lease expired in 2097. Considering the 71 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.

Nuneaton case:

Mr and Mrs. D Brown acquired a basement apartment in Nuneaton in October 2008. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparative flats in Nuneaton with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 collected monthly. The lease terminated on 17 January 2077. Considering the 51 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 plus professional charges.