Top reasons for Raunds lease extension

Why you should commence your Raunds lease extension today:

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

Raunds residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

Raunds property with a lease extension is almost the same value as a freehold

Leasehold residencies in Raunds with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to grant a mortgage with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should bear in mind that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they are unable to obtain a mortgage, then the value of your property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Raunds?

Using our service gives you increased control over the value of your Raunds leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Raunds Lease Extension Case Studies:

Jade, Raunds, Northamptonshire,

Subsequent to protracted negotiations with the landlord of her leasehold apartment in Raunds, Jade commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The legal work was concluded in May 2011. The freeholder’s costs were kept to an absolute minimum.

Raunds case:

Last year we were e-mailed by Mr Mason Stewart , who owned a garden flat in Raunds in September 2010. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable premises in Raunds with an extended lease were worth £210,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease terminated on 28 May 2106. Having 80 years remaining we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including expenses.

Raunds case:

In 2011 we were contacted by Mr Stanley André who, having moved into a one bedroom apartment in Raunds in May 2003. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Identical residencies in Raunds with an extended lease were in the region of £280,000. The mid-range amount of ground rent was £45 collected monthly. The lease ran out on 25 June 2095. Taking into account 69 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.