Top reasons for Selston lease extension

Main reasons to commence your Selston lease extension today:

Increase your lease and increase your Selston property value

As the length of the unexpired term of a Selston domestic lease lessens so does its value and therefore the value of your property. If the lease has, more than 100 years to run then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending without delay. The majority of flat owners in Selston will qualify for this right; that being said a lawyer can confirm if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for many years in the future.

Lenders may not loan monies with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering plenty of flats in Selston were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

The conveyancing solicitors that we work with undertake Selston 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 conveyancing solicitor we work with provide it.

Selston Lease Extension Case Summaries:

Phoebe, Selston, Nottinghamshire,

Subsequent to unsuccessful correspondence with the landlord of her basement apartment in Selston, Phoebe commenced the lease extension process as the 80 year deadline was swiftly approaching. The lease extension was concluded in May 2010. The freeholder’s charges were kept to an absolute minimum.

Selston case:

Ms C Lewis took over the lease of a studio apartment in Selston in August 1999. The question was if we could approximate the price could be for a ninety year lease extension. Similar premises in Selston with an extended lease were worth £295,000. The average ground rent payable was £45 collected monthly. The lease ran out on 8 August 2100. Having 74 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 not including professional charges.

Selston case:

In 2010 we were e-mailed by Mrs Maisie Vincent who, having acquired a purpose-built apartment in Selston in July 2003. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Identical homes in Selston with an extended lease were valued about £248,000. The mid-range ground rent payable was £65 billed monthly. The lease lapsed in 2089. Taking into account 63 years outstanding we approximated the premium to the landlord to extend the lease to be between £20,900 and £24,200 plus costs.