Why you should commence your Thornbury lease extension

Main reasons to start your Thornbury lease extension today:

Increase your lease and increase your Thornbury property value

Thornbury residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not finance a property with a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Many will simply refuse lend at all once the remaining lease term falls under a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Thornbury home.

What makes us experts in Thornbury lease extensions?

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

Thornbury Lease Extension Case Summaries:

Seth, Thornbury, Gloucestershire,

Seth was the the leasehold owner of a conversion apartment in Thornbury on the market with a lease of just over sixty years remaining. Seth on an informal basis approached his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Seth to exercise his statutory right. Seth obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the property.

Thornbury case:

Ms Georgia Reed completed a one bedroom flat in Thornbury in March 2000. The question was if we could approximate the premium could be for a ninety year lease extension. Comparative premises in Thornbury with an extended lease were in the region of £223,400. The average amount of ground rent was £60 collected per annum. The lease concluded in 2085. Having 59 years unexpired we approximated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 not including expenses.

Thornbury case:

Mr and Mrs. T Anderson moved into a first floor apartment in Thornbury in May 2010. The question was if we could estimate the price could be to extend the lease by 90 years. Comparative properties in Thornbury with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced per annum. The lease ran out in 2105. Taking into account 79 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.