Why you should start your Long Eaton lease extension

Why you should start your Long Eaton lease extension today:

A Long Eaton lease depreciates with the years remaining on the lease.

It’s a harsh certainty that a Long Eaton residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Long Eaton property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term drops under eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Long Eaton will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may not lend with a short lease

Many mortgage companies require a lengthy amount of time left on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone intending to buy your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Long Eaton?

Engaging our service gives you increased control over the value of your Long Eaton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Long Eaton Lease Extension Example Cases:

Joshua, Long Eaton, Derbyshire,

Joshua owned a 2 bedroom flat in Long Eaton being marketed with a lease of a few days over 72 years remaining. Joshua informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Joshua to exercise his statutory right. Joshua obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Long Eaton case:

Mr and Mrs. V Patel was assigned a lease of a newly refurbished flat in Long Eaton in October 2008. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparable flats in Long Eaton with 100 year plus lease were valued around £205,000. The mid-range ground rent payable was £50 invoiced annually. The lease expiry date was on 13 January 2105. Given that there were 79 years as a residual term we calculated the premium to the landlord to extend the lease to be between £7,600 and £8,800 not including fees.

Long Eaton case:

Last Autumn we were e-mailed by Mr Kian Howard , who purchased a newly refurbished flat in Long Eaton in October 2003. The question was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Similar flats in Long Eaton with 100 year plus lease were valued around £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2094. Having 68 years unexpired we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.