Why you should start your Rossington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rossington property value

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Rossington. Inevitably, the term of lease remaining reduces over time. This is often overlooked and only raises itself as an issue when the property needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Rossington have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give careful deliberation before delaying your Rossington lease extension. Putting off the cost now likely increases the price you will eventually incur for a lease extension

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not finance a property with a short lease

What makes us experts in Rossington lease extensions?

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

Rossington Lease Extension Example Cases:

Mia, Rossington, South Yorkshire,

In the wake of 6 months of lengthy negotiations with the freeholder of her studio apartment in Rossington, Mia started the lease extension process as the 80 year deadline was swiftly nearing. The transaction was concluded in August 2006. The freeholder’s charges were kept to an absolute minimum.

Rossington case:

Mr Aiden Jones moved into a purpose-built apartment in Rossington in April 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparable homes in Rossington with 100 year plus lease were in the region of £218,000. The average amount of ground rent was £45 billed every twelve months. The lease expired in 2089. Taking into account 63 years remaining we calculated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 not including expenses.

Rossington case:

Last Winter we were phoned by Mr and Mrs. I Dupont , who took over the lease of a one bedroom flat in Rossington in August 2002. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar residencies in Rossington with an extended lease were worth £270,000. The average amount of ground rent was £55 billed annually. The lease ran out on 21 September 2100. Considering the 74 years left we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.