Main reasons to commence your Sherwood lease extension

Main reasons to commence your Sherwood lease extension today:

Increase your lease and increase your Sherwood property value

Sherwood leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Sherwood enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Sherwood you should see if your lease has between seventy and 90 years left. There are compelling reasons why a Sherwood flat owner with a lease having around eighty years remaining should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Sherwood with more than one hundred 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 to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not grant a mortgage on a short lease

Banks and building societies do not grant a mortgage on short residential leases. You most probably experience difficulties if you wish to sell your flat in Sherwood if the unexpired term of your lease is under the criteria set by most lenders. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Sherwood lease extensions?

Using our service gives you increased control over the value of your Sherwood leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Sherwood Lease Extension Case Summaries:

Sebastian, Sherwood, Nottinghamshire

Last year Sebastian, came perilously close to the eighty-year threshold with the lease on his one bedroom flat in Sherwood. In buying his flat 18 years ago, the length of the lease was of no importance. Luckily, he realised he needed to take action soon on Extending the lease. Sebastian was able to extend his lease just ahead of time in March. Sebastian and the landlord in the end settled on an amount of £6,000 . If he had missed the deadline, the figure would have become more costly by at least £850.

Sherwood case:

Dr George Bonnet purchased a newly refurbished apartment in Sherwood in May 2007. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Similar flats in Sherwood with an extended lease were worth £270,000. The average ground rent payable was £55 collected quarterly. The lease terminated on 18 May 2101. Considering the 75 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.

Sherwood case:

Last Spring we were contacted by Mr and Mrs. A Gunderson , who completed a ground floor flat in Sherwood in July 2003. We are asked if we could estimate the premium would be to extend the lease by ninety years. Comparable flats in Sherwood with 100 year plus lease were valued about £168,800. The average ground rent payable was £60 collected monthly. The lease elapsed on 11 November 2081. Given that there were 55 years remaining we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of professional charges.