Top reasons for South Brent lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Brent property value

The re-sale value of a leasehold property in South Brent is impacted by how long the lease has left to run. If it is close to or fewer than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension prior to purchasing. Ideally one should start the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed in advance of the eighty year mark. Current legislation entitles South Brent qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a further term of 90 years. The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend on a short lease

Many mortgage companies will not lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this will result in your South Brent property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in South Brent?

The conveyancers that we work with procure South Brent 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 lawyer we work with provide it.

South Brent Lease Extension Example Cases:

Eleanor, South Brent, Devon,

Off the back of lengthy correspondence with the landlord of her purpose-built flat in South Brent, Eleanor commenced the lease extension process just as the lease was approaching the crucial eighty-year threshold. The legal work was finalised in September 2008. The landlord’s charges were kept to an absolute minimum.

South Brent case:

Last Winter we were contacted by Mr and Mrs. R Wilson , who acquired a basement apartment in South Brent in November 2000. The dilemma was if we could approximate the price could be for a ninety year lease extension. Identical residencies in South Brent with a long lease were in the region of £245,000. The average amount of ground rent was £50 billed per annum. The lease elapsed in 2094. Considering the 68 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.

South Brent case:

Mr R Rivera purchased a purpose-built flat in South Brent in August 2009. The question was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Identical premises in South Brent with a long lease were worth £285,000. The average amount of ground rent was £55 billed yearly. The lease elapsed in 2105. Given that there were 79 years remaining we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.