Top reasons for Peterborough lease extension

Main reasons to start your Peterborough lease extension today:

Increase your lease and increase your Peterborough property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Peterborough. Inevitably, the length of lease left shortens over time. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Peterborough have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Please give careful consideration before putting off your Peterborough lease extension. Putting off the cost now likely increases the price you will eventually incur for a lease extension

Peterborough property with a lease extension has roughly the same value as a freehold

Leasehold premises in Peterborough with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not loan monies on a short lease

Most banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Peterborough property being difficult to sell or to obtain finance on.

What makes us experts in Peterborough lease extensions?

Lease extensions in Peterborough can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.

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 a wealth of experience dealing with 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:

Abbie, Peterborough, Cambridgeshire,

In the wake of 6 months of protracted discussions with the freeholder of her purpose-built apartment in Peterborough, Abbie commenced the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work was finalised in June 2011. The freeholder’s charges were kept to an absolute minimum.

Peterborough case:

Last Autumn we were called by Mr and Mrs. A Gray , who took over the lease of a basement apartment in Peterborough in February 2011. The question was if we could approximate the premium would be to extend the lease by an additional years. Similar premises in Peterborough with 100 year plus lease were valued around £210,600. The average amount of ground rent was £45 collected annually. The lease elapsed in 2088. Given that there were 62 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus legals.

Peterborough case:

Mr and Mrs. R Collins completed a one bedroom flat in Peterborough in September 2005. The question was if we could approximate the price could be to extend the lease by an additional years. Comparative properties in Peterborough with an extended lease were worth £265,000. The average amount of ground rent was £50 billed annually. The lease expired on 3 March 2099. Having 73 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.