Top reasons for Whitmore lease extension

Why you should commence your Whitmore lease extension today:

Increase your lease and increase your Whitmore property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Whitmore. Clearly, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Whitmore have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. You should give careful consideration before putting off your Whitmore lease extension. Putting off that expense now simply increases the price you will eventually incur to extend your lease

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Whitmore with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus restricting the amount of potential purchasers.

What makes us experts in Whitmore lease extensions?

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

Whitmore Lease Extension Case Studies:

Alisha, Whitmore, Staffordshire,

In the wake of eight months of lengthy correspondence with the landlord of her first floor flat in Whitmore, Alisha commenced the lease extension process as the eighty year threshold was fast nearing. The transaction was concluded in February 2009. The freeholder’s costs were restricted to under 500 GBP.

Whitmore case:

In 2009 we were called by Mr and Mrs. I Pérez who, having was assigned a lease of a one bedroom apartment in Whitmore in May 2010. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Identical premises in Whitmore with a long lease were worth £235,200. The mid-range amount of ground rent was £45 invoiced yearly. The lease finished on 14 April 2092. Considering the 66 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Whitmore case:

Mr F Sharif purchased a studio flat in Whitmore in January 2009. We are asked if we could approximate the premium would likely be to prolong the lease by a further 90 years. Comparative flats in Whitmore with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 invoiced per annum. The lease elapsed on 2 July 2103. Given that there were 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus professional charges.