Main reasons to commence your Sneyd Green lease extension

Why you should start your Sneyd Green lease extension today:

Increase your lease and increase your Sneyd Green property value

Sneyd Green residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

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

The conveyancers that we work with undertake 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 conveyancer we work with provide it.

Sneyd Green Lease Extension Example Cases:

Isobel, Sneyd Green, Staffordshire,

Off the back of unsuccessful correspondence with the freeholder of her two bedroom apartment in Sneyd Green, Isobel started the lease extension process just as the lease was nearing the all-important eighty-year deadline. The lease extension completed in May 2005. The landlord’s charges were kept to an absolute minimum.

Sneyd Green case:

Last month we were called by Mrs Paige White , who owned a one bedroom flat in Sneyd Green in August 1999. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative premises in Sneyd Green with 100 year plus lease were worth £275,000. The average ground rent payable was £55 billed yearly. The lease elapsed in 2102. Considering the 76 years left we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus legals.

Sneyd Green case:

Mr N Flores acquired a ground floor flat in Sneyd Green in April 2005. The question was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative homes in Sneyd Green with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 collected every twelve months. The lease ended in 2082. Considering the 56 years remaining we estimated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 not including fees.