Main reasons to start your Clent lease extension

Why you should start your Clent lease extension today:

Increase your lease and increase your Clent property value

The market value of Clent leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the unexpired lease term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold residencies in Clent with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions will not finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are deemed to be unacceptable security.

What makes us experts in Clent lease extensions?

Lease extensions in Clent can be a difficult process. We recommend you get professional help from a conveyancing solicitor 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 dealing with Clent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Clent Lease Extension Example Cases:

Samantha, Clent, Worcestershire,

Trailing protracted negotiations with the freeholder of her basement apartment in Clent, Samantha commenced the lease extension process as the 80 year threshold was swiftly coming. The lease extension completed in May 2011. The landlord’s costs were kept to an absolute minimum.

Clent case:

Last Summer we were e-mailed by Mrs Alicia Thompson , who took over the lease of a newly refurbished flat in Clent in October 2010. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparative flats in Clent with a long lease were in the region of £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease ended on 8 March 2093. Taking into account 67 years unexpired we calculated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 exclusive of legals.

Clent case:

Ms Millie Bailey took over the lease of a one bedroom flat in Clent in March 2000. We are asked if we could approximate the premium would likely be for a ninety year lease extension. Comparative flats in Clent with a long lease were worth £201,200. The average amount of ground rent was £55 collected per annum. The lease elapsed on 27 January 2082. Given that there were 56 years remaining we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.