Why you should commence your Parkwood Springs lease extension

Top reasons for lease extension now:

A Parkwood Springs leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Parkwood Springs you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Parkwood Springs?

Irrespective of whether you are a tenant or a freeholder in Parkwood Springs,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Parkwood Springs valuers.

Parkwood Springs Lease Extension Example Cases:

Caitlin, Parkwood Springs, South Yorkshire,

Off the back of protracted discussions with the landlord of her one bedroom apartment in Parkwood Springs, Caitlin started the lease extension process just as her lease was coming close to the crucial eighty-year deadline. The transaction was finalised in November 2015. The freeholder’s fees were restricted to slightly above 600 GBP.

Parkwood Springs case:

In 2013 we were approached by Dr V Anderson who, having owned a ground floor flat in Parkwood Springs in October 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative homes in Parkwood Springs with 100 year plus lease were in the region of £233,200. The mid-range amount of ground rent was £60 collected annually. The lease ended on 16 February 2087. Considering the 61 years remaining we estimated the premium to the freeholder to extend the lease to be within £22,800 and £26,400 exclusive of legals.

Parkwood Springs case:

In 2011 we were phoned by Mr and Mrs. F Garcia who, having bought a one bedroom apartment in Parkwood Springs in October 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by ninety years. Similar homes in Parkwood Springs with 100 year plus lease were valued about £166,800. The average amount of ground rent was £50 collected yearly. The lease elapsed in 2076. Given that there were 50 years unexpired we approximated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 not including professional charges.