Why you should commence your Bishops Lydeard lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bishops Lydeard property value

As the length of the unexpired term of a Bishops Lydeard domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 100 years to run then this decrease may be fractional however there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner than later. Most flat owners in Bishops Lydeard will meet the qualifying criteria; however a conveyancer will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Bishops Lydeard with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get concerned at around 75 years. This will cause difficulties once you wish to market or refinance your flat as it will be practically unmortgageable. You may not have an imminent plan to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Bishops Lydeard lease extensions?

Regardless of whether you are a tenant or a landlord in Bishops Lydeard,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bishops Lydeard valuers.

Bishops Lydeard Lease Extension Case Studies:

Lydia, Bishops Lydeard, Somerset,

Subsequent to protracted negotiations with the freeholder of her first floor apartment in Bishops Lydeard, Lydia commenced the lease extension process as the eighty year mark was fast advancing. The legal work was concluded in September 2009. The landlord’s fees were restricted to about 650 GBP.

Bishops Lydeard case:

Last Winter we were approach by Mr and Mrs. C Ward , who was assigned a lease of a first floor flat in Bishops Lydeard in November 2007. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Identical homes in Bishops Lydeard with 100 year plus lease were valued about £200,800. The mid-range ground rent payable was £65 invoiced monthly. The lease lapsed on 14 September 2086. Taking into account 60 years unexpired we approximated the compensation to the landlord to extend the lease to be between £20,900 and £24,200 plus professional charges.

Bishops Lydeard case:

In 2009 we were called by Mr and Mrs. H Gunderson who, having purchased a one bedroom flat in Bishops Lydeard in March 2007. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Comparable residencies in Bishops Lydeard with a long lease were valued around £255,000. The mid-range amount of ground rent was £50 collected quarterly. The lease elapsed in 2097. Considering the 71 years unexpired we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.