Main reasons to commence your Waterhouses lease extension

Top reasons for lease extension now:

Increase your lease and increase your Waterhouses property value

Unfortunately that a Waterhouses residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Waterhouses property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. The majority of flat owners in Waterhouses will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the formalities.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not lend with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Waterhouses?

Irrespective of whether you are a tenant or a landlord in Waterhouses,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Waterhouses valuers.

Waterhouses Lease Extension Example Cases:

Liam, Waterhouses, Staffordshire

Last year Liam, started to get close to the 80-year threshold with the lease on his leasehold flat in Waterhouses. In buying his property twenty years previously, the length of the lease was of little interest. by good luck, he noticed he needed to take action soon on Extending the lease. Liam extended the lease at the eleventh hour in June. Liam and the landlord in the end settled on sum of £6,000 . If he not met the deadline, the price would have increased by at least £1,150.

Waterhouses case:

Ms Y Baker was assigned a lease of a studio apartment in Waterhouses in April 1996. The question was if we could estimate the price could be to prolong the lease by ninety years. Comparative properties in Waterhouses with an extended lease were valued around £198,800. The mid-range ground rent payable was £55 invoiced yearly. The lease elapsed on 20 April 2081. Having 55 years remaining we approximated the premium to the landlord for the lease extension to be between £33,300 and £38,400 not including expenses.

Waterhouses case:

Mr and Mrs. G Scott acquired a one bedroom flat in Waterhouses in January 2006. We are asked if we could approximate the premium could be for a ninety year lease extension. Identical properties in Waterhouses with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 collected quarterly. The lease came to a finish in 2101. Taking into account 75 years outstanding we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.