Why you should commence your Radford lease extension

Why you should start your Radford lease extension today:

A Radford leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Radford is impacted by how long the lease has left to run. If it is near to or less than eighty years you should anticipate problems on re-sale, so it is recommended to arrange for the lease to be extended before purchasing. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that all matters can be concluded ahead of the 80 year mark. Statute enables Radford qualifying lessees to a 90 year extension added to their unexpired lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The reason of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term falls beneath a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as adequate security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your Radford home.

What makes us experts in Radford lease extensions?

Lease extensions in Radford can be a difficult process. We recommend you secure professional help 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 procuring Radford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Radford Lease Extension Case Studies:

Bethany, Radford, Nottinghamshire,

In the wake of 9 months of lengthy discussions with the freeholder of her two bedroom flat in Radford, Bethany started the lease extension process as the eighty year deadline was quickly approaching. The lease extension was finalised in July 2006. The freeholder’s fees were negotiated to approximately 650 pounds.

Radford case:

Last year we were called by Dr Eli Kelly , who was assigned a lease of a garden flat in Radford in October 2011. The dilemma was if we could approximate the price could be for a ninety year lease extension. Similar properties in Radford with 100 year plus lease were valued about £250,000. The mid-range ground rent payable was £50 collected monthly. The lease ran out in 2095. Considering the 69 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Radford case:

Mr and Mrs. I Alexander owned a one bedroom apartment in Radford in July 1997. We are asked if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical flats in Radford with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £60 collected quarterly. The lease terminated in 2106. Taking into account 80 years remaining we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of legals.