Main reasons to start your Syston lease extension

Top reasons for lease extension now:

Increase your lease and increase your Syston property value

As the length of the unexpired term of a Syston domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, over 100 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner than later. Many flat owners in Syston will meet the qualifying criteria; nevertheless a lawyer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Syston property with a lease extension is almost the same value as a freehold

Leasehold premises in Syston with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to lend with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become jittery at around 75 years. This may be problematic once you come to dispose of or remortgage your flat as it will be practically unmortgageable. Even though you may have no imminent intention to sell but when you do your purchaser will have to wait 2 years before they can initiate the legal procedures for a lease extension.

What makes us experts in Syston lease extensions?

Regardless of whether you are a tenant or a freeholder in Syston,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Syston valuers.

Syston Lease Extension Example Cases:

Poppy, Syston, Leicestershire,

Off the back of protracted negotiations with the landlord of her first floor apartment in Syston, Poppy initiated the lease extension process just as the lease was nearing the critical 80-year threshold. The transaction was finalised in November 2005. The freeholder’s charges were negotiated to less than 700 GBP.

Syston case:

In 2013 we were phoned by Ms Robyn Lewis who, having bought a ground floor flat in Syston in October 2003. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in Syston with 100 year plus lease were valued around £295,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease elapsed in 2101. Taking into account 75 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus expenses.

Syston case:

Dr Bethany Clarke purchased a garden flat in Syston in March 1997. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparative residencies in Syston with an extended lease were worth £250,400. The average amount of ground rent was £65 billed yearly. The lease elapsed on 6 January 2090. Considering the 64 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.