Main reasons to start your Worksop lease extension

Why you should start your Worksop lease extension today:

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

The only way is down when it comes to Worksop lease terms. Worksop properties that have a remaining term lower than eighty years will reduce in value at a rapid rate, and the cost to extend your lease will rise.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Worksop with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions will not finance a property on a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are seeking to refinance your Worksop property.

What makes us experts in Worksop lease extensions?

Using our service gives you enhanced control over the value of your Worksop leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Worksop Lease Extension Case Summaries:

Ashleigh, Worksop, Nottinghamshire,

Subsequent to unsuccessful discussions with the freeholder of her basement apartment in Worksop, Ashleigh initiated the lease extension process just as the lease was approaching the crucial 80-year threshold. The legal work was finalised in August 2013. The landlord’s costs were restricted to approximately 500 GBP.

Worksop case:

Ms Erin Simon owned a ground floor apartment in Worksop in March 2001. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Worksop with an extended lease were worth £166,400. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish on 5 March 2080. Given that there were 54 years unexpired we estimated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus legals.

Worksop case:

Last Summer we were called by Dr K Parker , who took over the lease of a garden flat in Worksop in November 2000. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable flats in Worksop with a long lease were in the region of £232,800. The mid-range ground rent payable was £45 billed annually. The lease terminated on 23 November 2091. Given that there were 65 years outstanding we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of costs.