Top reasons for Sneyd Green lease extension

Main reasons to start your Sneyd Green lease extension today:

Increase your lease and increase your Sneyd Green property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Sneyd Green. Clearly, the length of lease remaining reduces over time. This is often overlooked and only becomes a problem when the residence has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Sneyd Green have the right to extend the lease for a further ninety years under statute. You should give careful consideration before putting off your Sneyd Green lease extension. Putting off that expense now likely increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic when you come to market or remortgage your flat as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Sneyd Green lease extensions?

The conveyancing solicitors that we work with handle Sneyd Green 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.

Sneyd Green Lease Extension Case Studies:

Chantelle, Sneyd Green, Staffordshire,

Trailing unsuccessful correspondence with the freeholder of her two bedroom flat in Sneyd Green, Chantelle initiated the lease extension process as the 80 year threshold was rapidly coming. The legal work was finalised in March 2008. The landlord’s charges were negotiated to slightly above 700 GBP.

Sneyd Green case:

In 2012 we were called by Dr Oscar Lefèvre who, having was assigned a lease of a basement apartment in Sneyd Green in July 1999. We are asked if we could shed any light on how much (roughly) premium could be to prolong the lease by a further 90 years. Identical residencies in Sneyd Green with 100 year plus lease were worth £225,400. The average amount of ground rent was £45 billed every twelve months. The lease ended in 2090. Having 64 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of expenses.

Sneyd Green case:

Last Autumn we were approach by Mr E Clarke , who was assigned a lease of a purpose-built apartment in Sneyd Green in February 2007. We are asked if we could estimate the price would be for a 90 year lease extension. Comparative homes in Sneyd Green with 100 year plus lease were in the region of £270,000. The mid-range ground rent payable was £55 collected monthly. The lease expired on 9 June 2101. Taking into account 75 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.