Why you should commence your Selston lease extension

Main reasons to start your Selston lease extension today:

A Selston leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Selston can extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Selston lease extension. Shelving that expense today simply increases the price you will eventually be required to pay to extend the lease.

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Selston?

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

Selston Lease Extension Example Cases:

Emily, Selston, Nottinghamshire,

Following protracted correspondence with the freeholder of her leasehold apartment in Selston, Emily commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension completed in January 2013. The freeholder’s fees were negotiated to approximately 600 GBP.

Selston case:

In 2014 we were contacted by Mr Evan Robinson who, having purchased a one bedroom flat in Selston in June 1996. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Similar homes in Selston with a long lease were in the region of £240,600. The average amount of ground rent was £60 invoiced per annum. The lease end date was on 24 May 2088. Having 62 years outstanding we calculated the premium to the landlord for the lease extension to be within £21,900 and £25,200 not including professional charges.

Selston case:

Last year we were called by Mrs M Martin , who acquired a one bedroom flat in Selston in June 2005. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Similar residencies in Selston with an extended lease were in the region of £174,200. The mid-range amount of ground rent was £55 invoiced quarterly. The lease concluded in 2077. Taking into account 51 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including fees.