Top reasons for Thurmaston lease extension

Why you should commence your Thurmaston lease extension today:

Increase your lease and increase your Thurmaston property value

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Thurmaston. Clearly, the period of lease remaining shortens over time. This may slip by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Thurmaston have the right to extend the lease for a further ninety years under legislation. Please give due consideration before putting off your Thurmaston lease extension. Putting off that expense now simply increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Thurmaston with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may not issue a mortgage on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically banks would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Thurmaston lease extensions?

Lease extensions in Thurmaston can be a difficult process. We recommend you secure guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Thurmaston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thurmaston Lease Extension Example Cases:

Tommy, Thurmaston, Leicestershire,

Tommy owned a conversion apartment in Thurmaston on the market with a lease of a little over sixty years remaining. Tommy on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The freeholder 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. Ordinarily, ground rent would not be due on a lease extension were Tommy to exercise his statutory right. Tommy obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Thurmaston case:

In 2011 we were e-mailed by Ms Leah Parker who, having completed a one bedroom flat in Thurmaston in January 1998. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year extension to my lease. Comparable properties in Thurmaston with 100 year plus lease were valued about £174,200. The mid-range ground rent payable was £55 invoiced annually. The lease ran out in 2077. Having 51 years outstanding we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of legals.

Thurmaston case:

Last January we were phoned by Mr and Mrs. N Carter , who moved into a studio apartment in Thurmaston in February 2004. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical flats in Thurmaston with 100 year plus lease were valued about £285,000. The average ground rent payable was £45 invoiced quarterly. The lease ran out on 7 November 2097. Considering the 71 years remaining we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.