Why you should commence your Tibshelf lease extension

Why you should commence your Tibshelf lease extension today:

Increase your lease and increase your Tibshelf property value

The only way is down when it comes to Tibshelf lease terms. Tibshelf leaseholds that have a lease term lower than eighty years will de-escalate in market price even faster, and the cost to extend your lease will go up.

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

Leasehold residencies in Tibshelf with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term drops under a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Tibshelf home.

Get in touch with one of our Tibshelf lease extension solicitors or enfranchisement solicitors

Lease extensions in Tibshelf can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor 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 a wealth of experience procuring Tibshelf lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tibshelf Lease Extension Case Studies:

Abbie, Tibshelf, Derbyshire,

After protracted correspondence with the landlord of her one bedroom flat in Tibshelf, Abbie commenced the lease extension process as the eighty year threshold was rapidly advancing. The legal work was concluded in May 2006. The freeholder’s charges were negotiated to under 700 GBP.

Tibshelf case:

In 2009 we were phoned by Mr R Martin who, having moved into a purpose-built apartment in Tibshelf in November 2003. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Identical flats in Tibshelf with an extended lease were worth £248,000. The average amount of ground rent was £65 invoiced annually. The lease concluded on 22 October 2089. Given that there were 63 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 exclusive of expenses.

Tibshelf case:

In 2010 we were e-mailed by Mrs L Martin who, having completed a ground floor apartment in Tibshelf in April 2007. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar premises in Tibshelf with 100 year plus lease were valued around £181,600. The mid-range ground rent payable was £55 billed monthly. The lease finished in 2078. Having 52 years remaining we approximated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 not including professional charges.