Main reasons to start your Swadlincote lease extension

Main reasons to start your Swadlincote lease extension today:

Increase your lease and increase your Swadlincote property value

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

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not loan monies on a short lease

Banks and building societies are really clamping down as regards to homes in Swadlincote with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting the amount of prospective buyers.

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

Engaging our service will provide you enhanced control over the value of your Swadlincote leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Swadlincote Lease Extension Case Studies:

Eliot, Swadlincote, Derbyshire,

Eliot was the the leasehold owner of a conversion flat in Swadlincote on the market with a lease of fraction over 59 years outstanding. Eliot informally contacted his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Eliot to invoke his statutory right. Eliot procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Swadlincote case:

In 2011 we were contacted by Mr R Robinson who, having moved into a garden flat in Swadlincote in February 2001. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Swadlincote with 100 year plus lease were valued about £295,000. The average ground rent payable was £45 billed annually. The lease end date was on 24 June 2100. Considering the 74 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.

Swadlincote case:

Dr Henry Brooks completed a garden flat in Swadlincote in February 2011. The dilemma was if we could approximate the premium would likely be to extend the lease by an additional years. Identical premises in Swadlincote with 100 year plus lease were valued about £248,000. The mid-range ground rent payable was £65 invoiced monthly. The lease concluded in 2089. Having 63 years unexpired we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of expenses.