Top reasons for Nuneaton lease extension

Why you should start your Nuneaton lease extension today:

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

The closer a domestic lease in Nuneaton nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond one hundred years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Nuneaton will meet the qualifying criteria; nevertheless a conveyancer can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold premises in Nuneaton with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

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

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Nuneaton property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Nuneaton?

Engaging our service gives you enhanced control over the value of your Nuneaton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Nuneaton Lease Extension Case Summaries:

Evan, Nuneaton, Warwickshire

Last year Evan, came critically near to the 80-year mark with the lease on his first floor apartment in Nuneaton. In buying his property 18 years previously, the length of the lease was of no relevance. by good luck, he recognised he needed to take steps soon on Extending the lease. Evan extended the lease just in the nick of time in January. Evan and the freeholder subsequently settled on sum of £5,000 . If he had missed the deadline, the price would have become more exhorbitant by a minimum £1,025.

Nuneaton case:

Ms Chantelle Clarke acquired a basement flat in Nuneaton in August 2010. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Comparative premises in Nuneaton with 100 year plus lease were in the region of £176,200. The average ground rent payable was £65 billed monthly. The lease ended on 22 September 2082. Having 56 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of fees.

Nuneaton case:

Dr Sophia Wilson completed a garden apartment in Nuneaton in April 2011. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Similar homes in Nuneaton with a long lease were valued about £237,600. The average amount of ground rent was £45 collected quarterly. The lease concluded in 2093. Having 67 years as a residual term we calculated the premium to the landlord for the lease extension to be between £11,400 and £13,200 not including fees.