Why you should commence your Temple Mills lease extension

Why you should commence your Temple Mills lease extension today:

Increase your lease and increase your Temple Mills property value

For anyone whose Temple Mills flat is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to obtain a lease extension.

Temple Mills property with a lease extension has roughly the same value as a freehold

It is generally considered that a property 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 left, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Temple Mills with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the number of potential purchasers.

What makes us experts in Temple Mills lease extensions?

Retaining our service gives you enhanced control over the value of your Temple Mills leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Temple Mills Lease Extension Example Cases:

Leah, Temple Mills, North East London,

Trailing protracted correspondence with the landlord of her ground floor apartment in Temple Mills, Leah started the lease extension process as the 80 year mark was rapidly advancing. The transaction was finalised in March 2007. The landlord’s fees were kept to an absolute minimum.

Temple Mills case:

In 2010 we were e-mailed by Ms G Lambert who, having purchased a studio apartment in Temple Mills in January 2003. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Temple Mills with a long lease were valued around £242,600. The average amount of ground rent was £45 billed annually. The lease elapsed on 16 March 2093. Given that there were 67 years unexpired we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus costs.

Temple Mills case:

Dr U Morgan bought a ground floor apartment in Temple Mills in October 2007. The question was if we could approximate the price would be to extend the lease by 90 years. Comparative homes in Temple Mills with 100 year plus lease were valued about £280,000. The mid-range ground rent payable was £55 billed per annum. The lease termination date was on 14 February 2104. Given that there were 78 years remaining we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.