Top reasons for South Brent lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Brent property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in South Brent. Clearly, the period of lease remaining reduces over time. This is often ignored and only becomes a problem when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to extend the lease. Qualifying long lease owners in South Brent have the legal entitlement to extend the lease for an additional ninety years under legislation. Please give due deliberation before delaying your South Brent lease extension. Holding off the cost now likely increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold residencies in South Brent with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges warrant it.

Mortgage lenders may not finance a property on a short lease

Nearly all banks and building societies will not lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this will result in your South Brent property being difficult to sell or refinance.

Why use us for your lease extension in South Brent?

Lease extensions in South Brent can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 dealing with South Brent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Brent Lease Extension Case Studies:

Molly, South Brent, Devon,

Following unsuccessful discussions with the landlord of her leasehold apartment in South Brent, Molly started the lease extension process as the eighty year deadline was swiftly approaching. The legal work was finalised in January 2008. The landlord’s fees were negotiated to under 600 pounds.

South Brent case:

Dr Chantelle Clark acquired a one bedroom flat in South Brent in July 2011. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable premises in South Brent with a long lease were worth £275,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease finished on 15 July 2102. Given that there were 76 years remaining we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.

South Brent case:

Last Christmas we were approach by Ms N Hill , who completed a one bedroom apartment in South Brent in April 2002. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Similar premises in South Brent with a long lease were valued about £176,200. The average ground rent payable was £65 collected per annum. The lease finished on 18 July 2082. Given that there were 56 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 plus costs.