Why you should start your Towcester lease extension

Main reasons to commence your Towcester lease extension today:

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

The only way is down when it comes to Towcester lease terms. Towcester properties that have a residual term lower than 80 years will drop in market price even faster, and the cost of extending your lease will increase.

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

Leasehold residencies in Towcester with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. 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.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient for lending purposes.

What makes us experts in Towcester lease extensions?

Using our service will provide you better control over the value of your Towcester leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Towcester Lease Extension Example Cases:

Lucas, Towcester, Northamptonshire,

Lucas owned a high value apartment in Towcester on the market with a lease of just over sixty years left. Lucas on an informal basis contacted his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Lucas to exercise his statutory right. Lucas procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.

Towcester case:

Last Autumn we were e-mailed by Mr and Mrs. V Flores , who completed a studio apartment in Towcester in April 2007. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar properties in Towcester with an extended lease were valued around £210,000. The average amount of ground rent was £50 invoiced yearly. The lease ran out on 18 September 2106. Considering the 80 years remaining we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including professional charges.

Towcester case:

In 2010 we were e-mailed by Ms W Gómez who, having moved into a ground floor flat in Towcester in October 2001. The question was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Similar premises in Towcester with a long lease were in the region of £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired in 2095. Having 69 years left we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus costs.