Top reasons for Cinderford lease extension

Top reasons for lease extension now:

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

Chances are that where you own a flat in Cinderford you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

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

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties when you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you may have no imminent intention to sell but when you do your buyer will have to wait a couple of years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Cinderford?

Regardless of whether you are a tenant or a freeholder in Cinderford,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 experience and the close ties they enjoy with Cinderford valuers.

Cinderford Lease Extension Case Summaries:

Nathan, Cinderford, Gloucestershire

In recent months Nathan, came perilously near to the eighty-year mark with the lease on his garden flat in Cinderford. In buying his flat two decades ago, the lease term was of minimal concern. Thankfully, he became aware that he would imminently be paying way over the odds for a lease extension. Nathan arranged for a lease extension just ahead of time in July. Nathan and the freeholder via the management company ultimately settled on an amount of £5,000 . If the lease had fallen lower than eighty years, the amount would have gone up by at least £850.

Cinderford case:

Mr K Gómez owned a recently refurbished flat in Cinderford in May 2002. The question was if we could approximate the premium could be for a ninety year extension to my lease. Identical flats in Cinderford with 100 year plus lease were worth £260,000. The mid-range amount of ground rent was £50 collected monthly. The lease elapsed in 2098. Taking into account 72 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.

Cinderford case:

Last Summer we were phoned by Mr and Mrs. R Morgan , who acquired a studio flat in Cinderford in January 2006. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Identical homes in Cinderford with 100 year plus lease were worth £261,600. The mid-range amount of ground rent was £60 invoiced per annum. The lease came to a finish in 2078. Taking into account 52 years outstanding we calculated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 not including costs.