Why you should start your Winchcombe lease extension

Why you should commence your Winchcombe lease extension today:

Increase your lease and increase your Winchcombe property value

The market value of Winchcombe leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is below than eighty years

Winchcombe property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to finance a property with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Winchcombe were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Winchcombe lease extensions?

The lawyers that we work with handle Winchcombe 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 conveyancing solicitor we work with provide it.

Winchcombe Lease Extension Example Cases:

Milo, Winchcombe, Gloucestershire

Last October Milo, came very near to the eighty-year mark with the lease on his garden apartment in Winchcombe. Having purchased his home 19 years ago, the lease term was of little concern. by good luck, he realised he would imminently be paying way over the odds for a lease extension. Milo arranged for a lease extension just under the wire last May. Milo and the freeholder subsequently agreed on an amount of £5,000 . If he not met the deadline, the amount would have escalated by at least £925.

Winchcombe case:

Dr G Roux acquired a basement flat in Winchcombe in April 2009. The question was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparative homes in Winchcombe with a long lease were worth £260,200. The average ground rent payable was £65 collected annually. The lease expired in 2092. Having 66 years unexpired we calculated the premium to the freeholder for the lease extension to be within £16,200 and £18,600 exclusive of professional charges.

Winchcombe case:

Mr F Moreau owned a studio apartment in Winchcombe in August 2008. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparative homes in Winchcombe with 100 year plus lease were worth £198,800. The mid-range ground rent payable was £55 collected annually. The lease termination date was in 2081. Given that there were 55 years left we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 plus costs.