Top reasons for Claverley lease extension

Why you should commence your Claverley lease extension today:

A Claverley lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Claverley have the right to extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Claverley lease extension. Postponing the costs today simply escalates the price you will eventually be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Claverley with over 100 years remaining on the lease are often 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 to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to lend on a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Claverley property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Claverley?

Using our service will provide you enhanced control over the value of your Claverley leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Claverley Lease Extension Case Studies:

Dylan, Claverley, Shropshire,

Dylan owned a 2 bedroom flat in Claverley being marketed with a lease of just over fifty eight years remaining. Dylan informally approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert advice and was able to make a more informed decision and handle with the matter and sell the property.

Claverley case:

Last Spring we were contacted by Ms U López , who moved into a garden flat in Claverley in November 1999. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Claverley with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced per annum. The lease ran out on 27 October 2097. Given that there were 71 years unexpired we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.

Claverley case:

Mr and Mrs. Y Brown bought a studio apartment in Claverley in October 2009. We are asked if we could estimate the price could be for a 90 year lease extension. Similar properties in Claverley with 100 year plus lease were valued around £230,800. The average amount of ground rent was £60 invoiced monthly. The lease elapsed on 15 April 2086. Having 60 years remaining we estimated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 exclusive of legals.