Main reasons to start your Saxilby lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Saxilby you actually own a long leasehold interest over your property

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

Leasehold properties in Saxilby with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not finance a property on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Saxilby lease extensions?

Using our service will provide you enhanced control over the value of your Saxilby leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Saxilby Lease Extension Example Cases:

Eli, Saxilby, Lincolnshire,

Eli owned a conversion apartment in Saxilby on the market with a lease of just over 59 years outstanding. Eli on an informal basis contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Saxilby case:

Dr P Jones moved into a basement flat in Saxilby in August 2001. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar properties in Saxilby with a long lease were in the region of £235,200. The average amount of ground rent was £45 invoiced quarterly. The lease elapsed on 1 April 2092. Given that there were 66 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.

Saxilby case:

Last Summer we were called by Dr David Roux , who moved into a newly refurbished apartment in Saxilby in January 2010. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Saxilby with an extended lease were valued around £275,000. The average amount of ground rent was £55 billed annually. The lease expired in 2103. Considering the 77 years unexpired we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including legals.