Why you should commence your Abbeymeads lease extension

Top reasons for lease extension now:

A Abbeymeads leasehold property depreciates with the years remaining on the lease.

Abbeymeads leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Abbeymeads residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Abbeymeads you should see if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

Leasehold residencies in Abbeymeads with in excess of one hundred years unexpired 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering plenty of flats in Abbeymeads were created in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Abbeymeads?

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

Abbeymeads Lease Extension Example Cases:

Alicia, Abbeymeads, Wiltshire,

After lengthy discussions with the freeholder of her ground floor apartment in Abbeymeads, Alicia started the lease extension process as the 80 year mark was swiftly coming. The legal work completed in May 2010. The freeholder’s charges were kept to an absolute minimum.

Abbeymeads case:

Dr Alexander Moore was assigned a lease of a garden flat in Abbeymeads in August 1998. The question was if we could estimate the price could be for a 90 year lease extension. Comparative residencies in Abbeymeads with an extended lease were worth £275,000. The mid-range amount of ground rent was £45 billed monthly. The lease came to a finish in 2095. Taking into account 69 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.

Abbeymeads case:

Mr and Mrs. A Nguyen bought a basement apartment in Abbeymeads in September 2003. We are asked if we could approximate the price would be for a ninety year extension to my lease. Identical premises in Abbeymeads with an extended lease were valued about £216,000. The average ground rent payable was £60 invoiced every twelve months. The lease terminated in 2084. Given that there were 58 years left we approximated the premium to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.