Why you should start your Rugeley lease extension

Why you should start your Rugeley lease extension today:

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

Rugeley leases on residential properties are gradually losing value. if your lease has about ninety years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Rugeley will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is probable that someone wanting to purchase your property in the future might well do, so if they are unable to secure a mortgage, then the value of the property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Rugeley lease extensions?

Retaining our service will provide you better control over the value of your Rugeley leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rugeley Lease Extension Example Cases:

Caleb, Rugeley, Staffordshire,

Caleb was the the leasehold proprietor of a conversion flat in Rugeley being sold with a lease of a few days over 59 years remaining. Caleb informally contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Caleb to exercise his statutory right. Caleb obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Rugeley case:

In 2011 we were phoned by Dr F Sánchez who, having took over the lease of a recently refurbished flat in Rugeley in July 2012. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable flats in Rugeley with 100 year plus lease were worth £227,800. The mid-range amount of ground rent was £45 invoiced yearly. The lease concluded on 15 May 2091. Having 65 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.

Rugeley case:

Ms Isabella Collins owned a basement flat in Rugeley in May 2007. We are asked if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Identical premises in Rugeley with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 billed quarterly. The lease came to a finish on 10 January 2102. Given that there were 76 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.