Top reasons for Thurmaston lease extension

Why you should commence your Thurmaston lease extension today:

A Thurmaston lease depreciates with the years remaining on the lease.

When it comes to residential leasehold premises in Thurmaston, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease increases markedly notably once there are less than eighty years remaining. Leasehold owners in Thurmaston with a lease drawing near to 81 years left should seriously think of extending it without delay. When a lease has below 80 years outstanding, under the current Act the landlord can calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As many flats in Thurmaston were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Thurmaston lease extensions?

The lawyers that we work with procure Thurmaston lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Thurmaston Lease Extension Example Cases:

Logan, Thurmaston, Leicestershire,

Logan was the the leasehold owner of a studio flat in Thurmaston on the market with a lease of a few days over sixty years outstanding. Logan informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be payable on a lease extension were Logan to exercise his statutory right. Logan obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Thurmaston case:

Last Winter we were called by Dr V Wright , who purchased a garden apartment in Thurmaston in October 1995. We are asked if we could approximate the price could be for a 90 year lease extension. Identical flats in Thurmaston with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 collected every twelve months. The lease elapsed on 21 November 2081. Considering the 55 years left we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus expenses.

Thurmaston case:

In 2010 we were approached by Dr Alisha Davis who, having bought a studio apartment in Thurmaston in February 2009. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Identical properties in Thurmaston with 100 year plus lease were worth £300,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed on 11 July 2101. Taking into account 75 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.