Why you should commence your Radcliffe on Trent lease extension

Why you should commence your Radcliffe on Trent lease extension today:

Increase your lease and increase your Radcliffe on Trent property value

There is no doubt about it a leasehold flat or house in Radcliffe on Trent is a wasting asset as a result of the shortening lease. If the lease has, in excess of one hundred years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Radcliffe on Trent will meet the qualifying criteria; nevertheless a conveyancer should be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

Radcliffe on Trent property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of your property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Get in touch with one of our Radcliffe on Trent lease extension solicitors or enfranchisement solicitors

Lease extensions in Radcliffe on Trent can be a difficult process. We recommend you procure guidance from a conveyancing solicitor 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 a wealth of experience dealing with Radcliffe on Trent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Radcliffe on Trent Lease Extension Case Studies:

Georgina, Radcliffe on Trent, Nottinghamshire,

Off the back of protracted discussions with the freeholder of her leasehold apartment in Radcliffe on Trent, Georgina initiated the lease extension process as the 80 year threshold was swiftly nearing. The lease extension was concluded in October 2006. The landlord’s fees were restricted to less than 550 pounds.

Radcliffe on Trent case:

In 2012 we were called by Ms Abbie Green who, having was assigned a lease of a studio apartment in Radcliffe on Trent in May 2010. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical premises in Radcliffe on Trent with an extended lease were worth £265,000. The mid-range ground rent payable was £50 invoiced monthly. The lease elapsed in 2100. Having 74 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.

Radcliffe on Trent case:

Last month we were approach by Dr I Lefebvre , who was assigned a lease of a one bedroom flat in Radcliffe on Trent in January 2010. We are asked if we could approximate the price would be for a 90 year lease extension. Identical properties in Radcliffe on Trent with an extended lease were worth £166,400. The average ground rent payable was £60 billed yearly. The lease terminated on 9 November 2080. Taking into account 54 years left we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of professional charges.