Main reasons to commence your Chew Magna lease extension

Why you should start your Chew Magna lease extension today:

Increase your lease and increase your Chew Magna property value

There is no doubt about it a leasehold property in Chew Magna is a wasting asset as a result of the diminishing lease term. Where the lease has, over one hundred years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Chew Magna will meet the qualifying criteria; that being said a conveyancer can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Chew Magna with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not finance a property on a short lease

Banks and building societies are really restricting their approach as regards to properties in Chew Magna with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of potential buyers.

What makes us experts in Chew Magna lease extensions?

Regardless of whether you are a tenant or a landlord in Chew Magna,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chew Magna valuers.

Chew Magna Lease Extension Example Cases:

Anna, Chew Magna, North Somerset,

Trailing lengthy negotiations with the landlord of her basement flat in Chew Magna, Anna initiated the lease extension process just as her lease was nearing the critical eighty-year deadline. The legal work was finalised in July 2013. The freeholder’s fees were negotiated to slightly above 550 pounds.

Chew Magna case:

Last April we were phoned by Mr V Phillips , who purchased a ground floor apartment in Chew Magna in July 1999. The question was if we could estimate the price could be to extend the lease by 90 years. Comparable properties in Chew Magna with 100 year plus lease were in the region of £183,600. The mid-range ground rent payable was £65 billed every twelve months. The lease terminated on 20 September 2083. Given that there were 57 years left we calculated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.

Chew Magna case:

In 2011 we were phoned by Mr and Mrs. L Robinson who, having was assigned a lease of a studio apartment in Chew Magna in May 1997. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Similar properties in Chew Magna with a long lease were valued about £250,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ended in 2094. Having 68 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.