Top reasons for Quorn lease extension

Main reasons to commence your Quorn lease extension today:

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

The re-sale value of a leasehold property in Quorn depends on how many years the lease has remaining. If it is near to or less than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that formalities can be concluded well before the eighty year threshold. Current legislation enables Quorn qualifying lessees to acquire a lease extension of 90 years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

Leasehold properties in Quorn with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not grant a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter problems where you want to sell your flat in Quorn if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

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

Lease extensions in Quorn can be a difficult process. We recommend you obtain professional help from a lawyer and valuer 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 in-depth market knowledge dealing with Quorn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Quorn Lease Extension Case Studies:

Molly, Quorn, Leicestershire,

After lengthy discussions with the freeholder of her garden flat in Quorn, Molly initiated the lease extension process as the eighty year mark was swiftly coming. The legal work was finalised in July 2007. The landlord’s costs were negotiated to approximately 500 GBP.

Quorn case:

Last month we were e-mailed by Dr R Torres , who completed a studio apartment in Quorn in March 2010. The question was if we could estimate the price would be for a 90 year extension to my lease. Similar properties in Quorn with 100 year plus lease were valued around £218,400. The mid-range ground rent payable was £60 invoiced quarterly. The lease elapsed on 1 November 2085. Considering the 59 years outstanding we estimated the compensation to the landlord to extend the lease to be between £27,600 and £31,800 exclusive of professional charges.

Quorn case:

Last Spring we were phoned by Mr Dylan Girard , who moved into a one bedroom flat in Quorn in July 2010. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Identical flats in Quorn with 100 year plus lease were valued about £205,000. The average amount of ground rent was £50 collected monthly. The lease ended on 5 November 2105. Having 79 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.