Top reasons for St Nicholas lease extension

Main reasons to start your St Nicholas lease extension today:

A St Nicholas lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in St Nicholas you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage on a short lease

Mortgage companies will not lend on short residential leases. You most probably encounter problems where you need to sell your flat in St Nicholas if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main theyrequire an unexpired term of at least 65 years.

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

The conveyancing solicitors that we work with procure St Nicholas 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.

St Nicholas Lease Extension Example Cases:

Freya, St Nicholas, Vale Of Glamorgan,

Off the back of unsuccessful negotiations with the freeholder of her ground floor flat in St Nicholas, Freya started the lease extension process as the eighty year mark was quickly nearing. The lease extension was concluded in January 2009. The landlord’s fees were kept to an absolute minimum.

St Nicholas case:

Last Winter we were e-mailed by Mr and Mrs. V Khan , who purchased a studio apartment in St Nicholas in August 1995. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Similar flats in St Nicholas with a long lease were valued around £256,600. The average ground rent payable was £60 billed monthly. The lease termination date was in 2078. Considering the 52 years outstanding we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 not including fees.

St Nicholas case:

Dr O Gunderson bought a garden flat in St Nicholas in January 2011. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by a further 90 years. Comparative properties in St Nicholas with a long lease were valued around £218,000. The mid-range ground rent payable was £45 billed yearly. The lease finished in 2089. Taking into account 63 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 exclusive of legals.