Top reasons for Towcester lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Towcester. Inevitably, the period of lease left reduces over time. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Towcester have the right to extend the lease for a further 90 years in accordance with statute. Do give due attention before putting off your Towcester lease extension. Putting off that expense now simply increases the price you will ultimately incur to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold residencies in Towcester with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably experience problems if you want to sell your flat in Towcester if the remaining lease term is under the criteria set by the majority of lenders. Different lenders have varying criteria but in the main they are looking for a minimum remaining lease term of 65 years.

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

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

Towcester Lease Extension Example Cases:

Paige, Towcester, Northamptonshire,

Subsequent to unsuccessful correspondence with the landlord of her garden flat in Towcester, Paige started the lease extension process as the 80 year deadline was rapidly advancing. The transaction was concluded in January 2009. The freeholder’s charges were kept to an absolute minimum.

Towcester case:

In 2013 we were contacted by Mr M Vincent who, having purchased a one bedroom apartment in Towcester in April 2006. The question was if we could approximate the premium would likely be to extend the lease by ninety years. Identical residencies in Towcester with a long lease were in the region of £233,200. The average ground rent payable was £60 billed every twelve months. The lease concluded on 13 October 2087. Given that there were 61 years outstanding we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of costs.

Towcester case:

Mr and Mrs. M Bell acquired a purpose-built apartment in Towcester in November 1999. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparative properties in Towcester with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 billed every twelve months. The lease ended on 3 August 2076. Given that there were 50 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £33,300 and £38,400 exclusive of professional charges.