Main reasons to start your Castle Cary lease extension

Main reasons to start your Castle Cary lease extension today:

Increase your lease and increase your Castle Cary property value

For those whose Castle Cary flat is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not lend with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Castle Cary property becoming difficult to dispose of or to obtain finance on.

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

Lease extensions in Castle Cary can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Castle Cary lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Castle Cary Lease Extension Example Cases:

James, Castle Cary, Somerset,

James owned a 2 bedroom flat in Castle Cary on the market with a lease of a little over 72 years left. James informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were James to exercise his statutory right. James obtained expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Castle Cary case:

Last Spring we were e-mailed by Dr D Morris , who purchased a newly refurbished flat in Castle Cary in November 2000. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparable properties in Castle Cary with an extended lease were worth £255,000. The mid-range ground rent payable was £50 invoiced annually. The lease came to a finish in 2097. Considering the 71 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.

Castle Cary case:

Last Spring we were contacted by Ms Abigail Williams , who completed a one bedroom apartment in Castle Cary in November 2004. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical properties in Castle Cary with 100 year plus lease were worth £254,200. The average amount of ground rent was £60 invoiced annually. The lease terminated on 9 April 2077. Considering the 51 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 not including legals.