Why you should commence your Peterborough lease extension

Main reasons to commence your Peterborough lease extension today:

Increase your lease and increase your Peterborough property value

As the the remaining lease term of a Peterborough domestic lease lessens so does its value and therefore the value of your property. Where the residual term has, more than 125 years remaining then this decrease may be fractional however there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in Peterborough will qualify for this right; nevertheless a conveyancer should be able to advise whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Peterborough with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Considering plenty of flats in Peterborough were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

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

Lease extensions in Peterborough can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Peterborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Peterborough Lease Extension Example Cases:

Daisy, Peterborough, Cambridgeshire,

Trailing protracted discussions with the freeholder of her purpose-built apartment in Peterborough, Daisy commenced the lease extension process just as the lease was nearing the critical eighty-year deadline. The lease extension was concluded in August 2015. The landlord’s costs were negotiated to a tad over 700 pounds.

Peterborough case:

Mrs P Ali acquired a one bedroom flat in Peterborough in June 2011. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Similar residencies in Peterborough with an extended lease were valued around £255,000. The average ground rent payable was £50 invoiced quarterly. The lease ended on 1 July 2096. Considering the 70 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.

Peterborough case:

Last year we were contacted by Dr Isabel Cook , who completed a purpose-built flat in Peterborough in September 1998. We are asked if we could estimate the premium would be to extend the lease by an additional years. Similar flats in Peterborough with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease expired on 12 March 2076. Taking into account 50 years remaining we estimated the premium to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of expenses.