Why you should commence your Scotter lease extension

Main reasons to commence your Scotter lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Scotter may extend the lease for a further ninety years under legislation. Do think carefully before delaying your Scotter lease extension. Postponing that expense today simply escalates the premium you will eventually be required to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with in excess of 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.

Mortgage lenders may not grant a mortgage on a short lease

Mortgage companies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As many flats in Scotter were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Scotter?

The conveyancers that we work with handle Scotter lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Scotter Lease Extension Example Cases:

Gabriel, Scotter, Lincolnshire,

Gabriel was the the leasehold proprietor of a 2 bedroom flat in Scotter being marketed with a lease of just over sixty years left. Gabriel informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of 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 Gabriel to exercise his statutory right. Gabriel obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Scotter case:

Mr Jacob Watson bought a garden apartment in Scotter in April 2005. The question was if we could approximate the price could be to extend the lease by 90 years. Similar premises in Scotter with a long lease were in the region of £264,000. The average ground rent payable was £60 collected annually. The lease concluded on 4 November 2079. Considering the 53 years left we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus professional charges.

Scotter case:

Last Summer we were phoned by Mrs Y Johnson , who acquired a ground floor apartment in Scotter in July 2007. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Comparable premises in Scotter with 100 year plus lease were worth £220,400. The mid-range amount of ground rent was £45 invoiced yearly. The lease lapsed on 5 November 2090. Given that there were 64 years outstanding we calculated the compensation to the landlord to extend the lease to be between £15,200 and £17,600 exclusive of fees.