Why you should commence your Rothwell lease extension

Main reasons to commence your Rothwell lease extension today:

A Rothwell lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Rothwell is a wasting asset as a result of the shortening lease. If the residual term has, beyond 100 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Rothwell will qualify for this right; that being said a conveyancing solicitor should be able to confirm if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to lend on a short lease

Lenders are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As a number of flats in Rothwell were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Rothwell?

Lease extensions in Rothwell can be a difficult process. We recommend you get guidance from a lawyer and surveyor 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 in-depth market knowledge dealing with Rothwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rothwell Lease Extension Case Studies:

Elizabeth, Rothwell, Leeds,

Subsequent to unsuccessful discussions with the freeholder of her basement apartment in Rothwell, Elizabeth commenced the lease extension process as the eighty year mark was quickly coming. The lease extension was finalised in September 2006. The freeholder’s charges were negotiated to approximately five hundred GBP.

Rothwell case:

Mr O Hernández acquired a newly refurbished apartment in Rothwell in January 2000. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparative properties in Rothwell with an extended lease were valued about £198,800. The mid-range ground rent payable was £55 collected yearly. The lease elapsed on 9 March 2081. Taking into account 55 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including costs.

Rothwell case:

Last Autumn we were contacted by Mr and Mrs. V Campbell , who acquired a garden apartment in Rothwell in April 1998. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparative premises in Rothwell with 100 year plus lease were worth £300,000. The mid-range amount of ground rent was £50 billed yearly. The lease expiry date was on 5 March 2101. Considering the 75 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.