Top reasons for Coleford lease extension

Main reasons to start your Coleford lease extension today:

Increase your lease and increase your Coleford property value

Coleford leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Coleford tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Coleford you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Coleford flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is actioned without delay

Coleford property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Coleford with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend with a short lease

Most mortgage lenders will not grant a mortgage on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Coleford property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Coleford?

Lease extensions in Coleford can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.

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 Coleford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Coleford Lease Extension Example Cases:

Naomi, Coleford, Gloucestershire,

Off the back of unsuccessful correspondence with the landlord of her basement flat in Coleford, Naomi commenced the lease extension process as the eighty year mark was rapidly advancing. The transaction was concluded in January 2013. The freeholder’s costs were kept to an absolute minimum.

Coleford case:

Last year we were contacted by Mr and Mrs. K Morgan , who completed a studio flat in Coleford in January 1996. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparative residencies in Coleford with a long lease were worth £191,400. The average amount of ground rent was £55 invoiced yearly. The lease concluded on 17 November 2080. Considering the 54 years left we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 not including legals.

Coleford case:

In 2009 we were phoned by Mr and Mrs. A André who, having was assigned a lease of a one bedroom flat in Coleford in November 2004. We are asked if we could estimate the premium could be to prolong the lease by a further 90 years. Comparable premises in Coleford with 100 year plus lease were worth £295,000. The average ground rent payable was £45 invoiced annually. The lease ended in 2100. Considering the 74 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.