Top reasons for Snodland lease extension

Why you should start your Snodland lease extension today:

Increase your lease and increase your Snodland property value

On the balance of probabilities if you own a flat in Snodland you actually own a long leasehold interest over your property

Snodland property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Snodland with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

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

Lenders are really clamping down as regards to properties in Snodland with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

What makes us experts in Snodland lease extensions?

The conveyancing solicitors that we work with procure Snodland 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.

Snodland Lease Extension Example Cases:

Shannon, Snodland, Kent,

Off the back of unsuccessful discussions with the freeholder of her leasehold apartment in Snodland, Shannon initiated the lease extension process just as the lease was nearing the all-important eighty-year threshold. The legal work was concluded in September 2005. The landlord’s costs were kept to an absolute minimum.

Snodland case:

In 2009 we were phoned by Dr Michael Gunderson who, having owned a one bedroom apartment in Snodland in September 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Snodland with 100 year plus lease were worth £260,000. The average amount of ground rent was £50 collected per annum. The lease terminated on 8 October 2098. Taking into account 72 years as a residual term we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.

Snodland case:

In 2009 we were approached by Mr and Mrs. V Clarke who, having was assigned a lease of a recently refurbished flat in Snodland in April 2001. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical flats in Snodland with 100 year plus lease were in the region of £256,600. The mid-range amount of ground rent was £60 billed per annum. The lease lapsed in 2078. Taking into account 52 years left we estimated the premium to the landlord for the lease extension to be within £39,000 and £45,000 plus costs.