Why you should commence your Syston lease extension

Why you should commence your Syston lease extension today:

Increase your lease and increase your Syston property value

Syston leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Syston enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Syston you would be well advised to check if your lease has between seventy and 90 years remaining. There are good reasons why a Syston leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of your property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Syston?

Irrespective of whether you are a tenant or a freeholder in Syston,the lease extension solicitors that we work with will always be happy 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 Case Studies:

Zoe, Syston, Leicestershire,

After lengthy negotiations with the freeholder of her leasehold apartment in Syston, Zoe commenced the lease extension process as the eighty year deadline was rapidly approaching. The legal work was concluded in August 2006. The freeholder’s charges were negotiated to about 700 GBP.

Syston case:

Mr and Mrs. B Bailey bought a one bedroom flat in Syston in February 2008. We are asked if we could approximate the price could be to extend the lease by an additional years. Similar residencies in Syston with an extended lease were valued around £267,600. The average amount of ground rent was £65 collected every twelve months. The lease expired on 15 November 2093. Taking into account 67 years remaining we approximated the premium to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of expenses.

Syston case:

Last July we were e-mailed by Mrs C Dupont , who bought a one bedroom apartment in Syston in April 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical residencies in Syston with 100 year plus lease were in the region of £206,200. The average ground rent payable was £55 billed quarterly. The lease elapsed in 2082. Given that there were 56 years left we estimated the premium to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of fees.