Why you should start your Water Orton lease extension

Why you should start your Water Orton lease extension today:

Increase your lease and increase your Water Orton property value

Water Orton leases on domestic deteriorating in value. if your lease has about ninety years left, you should start considering the need for a lease extension. If lease term is under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Water Orton will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

Water Orton property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Water Orton with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions will not issue a mortgage on a short lease

Many banks and building societies will not grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Water Orton property becoming difficult to dispose of or refinance.

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

The conveyancing solicitors that we work with handle Water Orton 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 conveyancer we work with provide it.

Water Orton Lease Extension Example Cases:

Alicia, Water Orton, Warwickshire,

Following unsuccessful discussions with the freeholder of her leasehold apartment in Water Orton, Alicia commenced the lease extension process as the 80 year deadline was rapidly approaching. The transaction completed in November 2007. The freeholder’s costs were restricted to a tad over six hundred GBP.

Water Orton case:

Dr Nathan Williams purchased a first floor apartment in Water Orton in April 2007. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Water Orton with 100 year plus lease were valued around £252,800. The average ground rent payable was £65 collected quarterly. The lease lapsed in 2091. Given that there were 65 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus expenses.

Water Orton case:

In 2010 we were contacted by Mr and Mrs. W Pérez who, having was assigned a lease of a ground floor flat in Water Orton in October 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Identical residencies in Water Orton with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 collected every twelve months. The lease termination date was in 2080. Taking into account 54 years left we approximated the premium to the freeholder for the lease extension to be between £34,200 and £39,600 plus expenses.