Why you should start your Springwell lease extension

Why you should start your Springwell lease extension today:

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

The only way is down when it comes to Springwell lease terms. Springwell properties that have a residual term less than than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

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

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As many flats in Springwell were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Springwell can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Springwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Springwell Lease Extension Case Studies:

Lucas, Springwell, Tyne And Wear,

Lucas owned a 2 bedroom apartment in Springwell on the market with a lease of a few days over sixty years unexpired. Lucas informally spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.

Springwell case:

Last Christmas we were called by Mrs Charlotte Baker , who was assigned a lease of a basement apartment in Springwell in June 1995. The dilemma was if we could approximate the premium would likely be to prolong the lease by ninety years. Similar properties in Springwell with an extended lease were worth £250,000. The average ground rent payable was £50 invoiced yearly. The lease elapsed in 2094. Having 68 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Springwell case:

Last Autumn we were contacted by Mr Max Morel , who bought a recently refurbished flat in Springwell in May 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparative homes in Springwell with an extended lease were valued around £285,000. The average amount of ground rent was £55 collected every twelve months. The lease ran out in 2105. Having 79 years as a residual term we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.