Why you should start your Saxilby lease extension

Main reasons to start your Saxilby lease extension today:

Increase your lease and increase your Saxilby property value

As the length of the unexpired term of a Saxilby domestic lease decreases so does its value and therefore the value of your property. If the lease has, more than one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner as opposed to later. The majority of flat owners in Saxilby will meet the qualifying criteria; however a conveyancer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold premises in Saxilby with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As a number of flats in Saxilby were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Get in touch with one of our Saxilby lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in Saxilby,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Saxilby valuers.

Saxilby Lease Extension Case Studies:

Ellen, Saxilby, Lincolnshire,

Subsequent to protracted negotiations with the landlord of her basement apartment in Saxilby, Ellen started the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was concluded in April 2006. The landlord’s costs were restricted to less than 500 pounds.

Saxilby case:

Ms G Taylor was assigned a lease of a one bedroom flat in Saxilby in September 2011. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparative homes in Saxilby with a long lease were worth £218,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease ended on 18 January 2089. Having 63 years outstanding we estimated the premium to the landlord to extend the lease to be between £17,100 and £19,800 exclusive of costs.

Saxilby case:

Last Spring we were called by Mr and Mrs. W Smith , who bought a studio flat in Saxilby in May 2011. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Similar flats in Saxilby with 100 year plus lease were in the region of £265,000. The average ground rent payable was £50 collected monthly. The lease came to a finish on 5 April 2100. Given that there were 74 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.