Main reasons to commence your Scunthorpe lease extension

Why you should commence your Scunthorpe lease extension today:

Increase your lease and increase your Scunthorpe property value

Scunthorpe leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Scunthorpe tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Scunthorpe you would be well advised to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders will not loan monies on a short lease

Lenders will not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Scunthorpe if the remaining term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have varying requirements but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Scunthorpe?

Irrespective of whether you are a tenant or a landlord in Scunthorpe,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Scunthorpe valuers.

Scunthorpe Lease Extension Example Cases:

Chelsea, Scunthorpe, Lincolnshire,

After unsuccessful discussions with the landlord of her one bedroom flat in Scunthorpe, Chelsea started the lease extension process just as the lease was nearing the critical eighty-year mark. The transaction was finalised in March 2013. The landlord’s charges were kept to an absolute minimum.

Scunthorpe case:

Mrs S Brown was assigned a lease of a one bedroom apartment in Scunthorpe in October 2009. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Identical homes in Scunthorpe with an extended lease were in the region of £235,600. The mid-range ground rent payable was £60 invoiced annually. The lease expired in 2088. Having 62 years outstanding we estimated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 not including expenses.

Scunthorpe case:

Mr and Mrs. D Clark purchased a studio apartment in Scunthorpe in November 2010. We are asked if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable properties in Scunthorpe with a long lease were worth £174,200. The average amount of ground rent was £55 billed monthly. The lease concluded in 2077. Considering the 51 years left we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus expenses.