Top reasons for Whittlesey lease extension

Top reasons for lease extension now:

A Whittlesey lease depreciates with the years remaining on the lease.

Whittlesey leases on residential properties are gradually losing value. Where your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease drops below eighty years - otherwise a higher amount will be due. Leasehold owners in Whittlesey will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety 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

Lenders will not lend on short residential leases. You most probably encounter problems where you want to sell your flat in Whittlesey if the remaining term of your lease is under the criteria set by most banks and building societies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least seventy years.

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

The conveyancers that we work with undertake Whittlesey 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 conveyancing solicitor we work with provide it.

Whittlesey Lease Extension Example Cases:

Isaac, Whittlesey, Cambridgeshire

In recent months Isaac, came critically close to the 80-year threshold with the lease on his leasehold flat in Whittlesey. Having bought his property twenty years previously, the lease term was of minimal interest. Fortunately, it dawned on him that he would soon be paying an inflated amount for a lease extension. Isaac extended the lease just in the nick of time last May. Isaac and the landlord in the end settled on an amount of £5,000 . If he had missed the deadline, the figure would have gone up by a minimum £900.

Whittlesey case:

Last Spring we were contacted by Dr Seth White , who owned a recently refurbished apartment in Whittlesey in May 2005. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Similar residencies in Whittlesey with a long lease were worth £200,000. The mid-range amount of ground rent was £50 collected quarterly. The lease ended on 4 April 2103. Considering the 77 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.

Whittlesey case:

Mrs Ellen Girard owned a purpose-built apartment in Whittlesey in March 2007. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Similar flats in Whittlesey with a long lease were in the region of £260,200. The mid-range ground rent payable was £65 invoiced yearly. The lease elapsed on 22 March 2092. Taking into account 66 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 not including legals.