Why you should commence your Bourton on the Water lease extension

Why you should commence your Bourton on the Water lease extension today:

A Bourton on the Water leasehold property depreciates with the years remaining on the lease.

The market value of Bourton on the Water leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

Bourton on the Water property with a lease extension is almost the same value as a freehold

Leasehold premises in Bourton on the Water with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not grant a mortgage on a short lease

Most banks and building societies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Bourton on the Water lease extensions?

The conveyancing solicitors that we work with handle Bourton on the Water 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 lawyer we work with provide it.

Bourton on the Water Lease Extension Case Summaries:

Melissa, Bourton on the Water, Gloucestershire,

In the wake of 9 months of protracted negotiations with the landlord of her purpose-built apartment in Bourton on the Water, Melissa initiated the lease extension process just as her lease was nearing the all-important 80-year deadline. The legal work was concluded in May 2009. The freeholder’s fees were kept to an absolute minimum.

Bourton on the Water case:

In 2009 we were called by Dr Jennifer Brown who, having completed a ground floor flat in Bourton on the Water in May 1997. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar residencies in Bourton on the Water with an extended lease were in the region of £203,200. The mid-range ground rent payable was £65 collected quarterly. The lease terminated in 2087. Given that there were 61 years left we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 plus expenses.

Bourton on the Water case:

In 2011 we were approached by Mrs Naomi Stewart who, having took over the lease of a one bedroom flat in Bourton on the Water in June 2009. The dilemma was if we could approximate the compensation to the landlord would be for a 90 year lease extension. Identical premises in Bourton on the Water with a long lease were valued around £260,000. The average ground rent payable was £50 billed yearly. The lease ran out on 19 June 2098. Given that there were 72 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.