Main reasons to commence your Thornbury lease extension

Why you should commence your Thornbury lease extension today:

Increase your lease and increase your Thornbury property value

Chances are that if you own a flat in Thornbury you actually own a long leasehold interest over your property

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

Leasehold residencies in Thornbury with over one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You are likely to encounter problems where you wish to sell your flat in Thornbury if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our Thornbury lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Thornbury leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Thornbury Lease Extension Case Studies:

Jonathan, Thornbury, Gloucestershire

Last October Jonathan, started to get close to the eighty-year threshold with the lease on his first floor apartment in Thornbury. Having bought his flat two decades ago, the unexpired term was of little concern. As luck would have it, it dawned on him that he would soon be paying way over the odds for Extending the lease. Jonathan arranged for a lease extension just under the wire in September. Jonathan and the landlord in the end settled on a premium of £6,000 . If he failed to meet the deadline, the figure would have become more exhorbitant by at least £1,125.

Thornbury case:

Last Autumn we were called by Mr and Mrs. O Bernard , who was assigned a lease of a first floor flat in Thornbury in July 1996. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Identical homes in Thornbury with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 billed per annum. The lease elapsed on 22 November 2105. Taking into account 79 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Thornbury case:

Last Spring we were e-mailed by Mrs Y Stewart , who was assigned a lease of a basement apartment in Thornbury in February 2001. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar homes in Thornbury with an extended lease were valued around £275,000. The average amount of ground rent was £65 billed monthly. The lease elapsed on 26 May 2094. Given that there were 68 years outstanding we calculated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.