Why you should start your Sileby lease extension

Top reasons for lease extension now:

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

With a long leasehold premises in Sileby, you are actually purchasing an entitlement to live in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are less than 80 years left. Leasehold owners in Sileby with a lease approaching 81 years unexpired should seriously consider extending it without delay. When a lease has fewer than eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and demand a larger premium, based on a technical calculation, strangely termed as “marriage value” which is due.

Sileby property with a lease extension is almost the same value as a freehold

Leasehold residencies in Sileby with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Nearly all mortgage lenders will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Sileby property becoming difficult to dispose of or remortgage.

What makes us experts in Sileby lease extensions?

The conveyancing solicitors that we work with handle Sileby 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 lawyer we work with provide it.

Sileby Lease Extension Example Cases:

Tyler, Sileby, Leicestershire,

Tyler was the the leasehold owner of a 2 bedroom flat in Sileby on the market with a lease of just over 59 years outstanding. Tyler on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Tyler to exercise his statutory right. Tyler obtained expert advice and secured an acceptable resolution without resorting to tribunal and sell the flat.

Sileby case:

Mrs A Harris acquired a recently refurbished apartment in Sileby in September 1999. The dilemma was if we could shed any light on how much (approximately) price would be to prolong the lease by a further 90 years. Similar flats in Sileby with an extended lease were worth £166,400. The mid-range ground rent payable was £60 invoiced per annum. The lease elapsed on 14 September 2080. Taking into account 54 years outstanding we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.

Sileby case:

Ms Imogen Gómez completed a newly refurbished apartment in Sileby in April 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Sileby with a long lease were worth £232,800. The average ground rent payable was £45 invoiced monthly. The lease lapsed on 6 February 2091. Given that there were 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.