Why you should start your Whissendine lease extension

Main reasons to start your Whissendine lease extension today:

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

Chances are that where you own a flat in Whissendine you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

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

Mortgage lenders may decide not to loan monies with a short lease

Lenders are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering a number of flats in Whissendine were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Whissendine lease extensions?

The lawyers that we work with handle Whissendine 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.

Whissendine Lease Extension Case Studies:

Olivia, Whissendine, Rutland,

Subsequent to lengthy negotiations with the landlord of her studio apartment in Whissendine, Olivia started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The transaction was concluded in June 2008. The freeholder’s charges were kept to an absolute minimum.

Whissendine case:

In 2010 we were called by Mr and Mrs. Y Richardson who, having was assigned a lease of a ground floor apartment in Whissendine in August 2007. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Identical premises in Whissendine with an extended lease were in the region of £201,200. The mid-range ground rent payable was £55 invoiced quarterly. The lease finished in 2082. Given that there were 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of legals.

Whissendine case:

Last July we were approach by Mr Teddy Bell , who acquired a newly refurbished flat in Whissendine in March 2010. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical residencies in Whissendine with an extended lease were valued around £300,000. The average ground rent payable was £50 invoiced quarterly. The lease expired in 2102. Given that there were 76 years left we estimated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including professional charges.