Main reasons to commence your Rothwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rothwell property value

Rothwell leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Rothwell tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Rothwell you must investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Rothwell leaseholder with a lease having around eighty years left should take steps to ensure that a lease extension is put in place without delay

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

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies with a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Rothwell property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Rothwell?

Retaining our service gives you increased control over the value of your Rothwell leasehold, as your property will be more valuable and marketable in terms of 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.

Rothwell Lease Extension Example Cases:

Poppy, Rothwell, Leeds,

In the wake of 6 months of protracted negotiations with the landlord of her basement flat in Rothwell, Poppy commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The transaction completed in June 2005. The landlord’s costs were kept to an absolute minimum.

Rothwell case:

Last year we were e-mailed by Dr I Ali , who acquired a one bedroom apartment in Rothwell in November 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Similar residencies in Rothwell with a long lease were valued about £295,000. The mid-range ground rent payable was £45 invoiced monthly. The lease ended on 21 July 2100. Given that there were 74 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Rothwell case:

Last year we were called by Mr Aaron Walker , who was assigned a lease of a garden flat in Rothwell in September 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Rothwell with a long lease were valued around £243,000. The average amount of ground rent was £65 billed every twelve months. The lease expired on 27 November 2089. Having 63 years outstanding we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of fees.