Main reasons to commence your Whitwick lease extension

Main reasons to commence your Whitwick lease extension today:

Increase your lease and increase your Whitwick property value

On the balance of probabilities where you own a flat in Whitwick you actually own a long leasehold interest over your property

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic as and when you need to market or refinance your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will need to hold off for a couple of years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Whitwick?

Lease extensions in Whitwick can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Whitwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Whitwick Lease Extension Example Cases:

Reuben, Whitwick, Leicestershire

In 2014 Reuben, started to get close to the eighty-year threshold with the lease on his purpose- built flat in Whitwick. In buying his flat 18 years ago, the lease term was of minimal significance. As luck would have it, he recognised he needed to take steps soon on a lease extension. Reuben arranged for a lease extension just under the wire last January. Reuben and the landlord subsequently agreed on an amount of £5,500 . If the lease had dipped below 80 years, the premium would have gone up by at least £1,000.

Whitwick case:

Last month we were contacted by Mrs Leah Davies , who purchased a one bedroom flat in Whitwick in January 2004. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in Whitwick with 100 year plus lease were in the region of £200,800. The mid-range amount of ground rent was £65 collected monthly. The lease terminated on 15 July 2086. Taking into account 60 years remaining we estimated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 plus professional charges.

Whitwick case:

Mrs W Mercier was assigned a lease of a ground floor flat in Whitwick in July 1998. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative homes in Whitwick with a long lease were valued about £255,000. The average amount of ground rent was £50 billed yearly. The lease concluded in 2097. Taking into account 71 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.