Main reasons to commence your Thrapston lease extension

Why you should commence your Thrapston lease extension today:

Increase your lease and increase your Thrapston property value

The market value of Thrapston leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions will not grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as inadequate for lending purposes.

What makes us experts in Thrapston lease extensions?

Lease extensions in Thrapston can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Thrapston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thrapston Lease Extension Example Cases:

Luca, Thrapston, Northamptonshire

Twenty four months ago Luca, started to get near to the 80-year threshold with the lease on his ground floor apartment in Thrapston. In buying his home 19 years ago, the length of the lease was of little concern. by good luck, he recognised he needed to take steps soon on Extending the lease. Luca arranged for a lease extension just under the wire in August. Luca and the landlord who owned the flat above eventually agreed on the final figure of £5,500 . If he had missed the deadline, the amount would have escalated by a minimum £850.

Thrapston case:

Mr and Mrs. I Clarke was assigned a lease of a first floor apartment in Thrapston in June 2010. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar properties in Thrapston with a long lease were valued about £255,000. The average ground rent payable was £50 collected per annum. The lease lapsed in 2096. Taking into account 70 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.

Thrapston case:

Last January we were e-mailed by Mr and Mrs. O Thomas , who bought a newly refurbished apartment in Thrapston in July 2008. The question was if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Similar flats in Thrapston with 100 year plus lease were valued about £246,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease expiry date was in 2076. Taking into account 50 years outstanding we estimated the premium to the landlord to extend the lease to be within £44,700 and £51,600 exclusive of professional charges.