Top reasons for Winterton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Winterton property value

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Winterton may extend the lease for a further 90 years under statute. Do give careful consideration before delaying your Winterton lease extension. Putting off that expense now simply escalates the premium you will eventually have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

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

Lending institutions may decide not to finance a property on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that a number of flats in Winterton were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Winterton?

Retaining our service will provide you better control over the value of your Winterton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Winterton Lease Extension Case Summaries:

Madeleine, Winterton, Lincolnshire,

Off the back of unsuccessful discussions with the freeholder of her one bedroom flat in Winterton, Madeleine started the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work was concluded in July 2012. The landlord’s fees were negotiated to below 500 pounds.

Winterton case:

Last October we were contacted by Ms Rebecca Lewis , who owned a one bedroom flat in Winterton in November 2006. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparative properties in Winterton with a long lease were in the region of £280,000. The average amount of ground rent was £55 invoiced yearly. The lease terminated in 2104. Taking into account 78 years outstanding we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 not including expenses.

Winterton case:

In 2014 we were contacted by Mr and Mrs. U Ali who, having owned a purpose-built apartment in Winterton in February 2012. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical homes in Winterton with 100 year plus lease were valued around £186,000. The mid-range ground rent payable was £65 billed monthly. The lease finished on 27 September 2084. Given that there were 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 plus expenses.