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Main reasons to commence your Coleford lease extension

Why you should commence your Coleford lease extension today:

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

The nearer a residential lease in Coleford nears to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over one hundred years remaining then this decrease may be of little impact however there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. Many flat owners in Coleford will meet the qualifying criteria; nevertheless a lawyer will be able to confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic as and when you come to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you may have no imminent desire to sell but when you do your buyer must hold off for a couple of years before they can start the legal procedures for a lease extension.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Coleford lease extensions?

Lease extensions in Coleford 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 a wealth of experience procuring 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:

Cameron, Coleford, Gloucestershire

Last October Cameron, came seriously close to the eighty-year threshold with the lease on his garden flat in Coleford. In buying his property twenty years ago, the unexpired term was of minimal relevance. Luckily, he recognised he needed to take action soon on a lease extension. Cameron was able to extend his lease just under the wire in January. Cameron and the landlord in the end settled on the final figure of £5,500 . If he failed to meet the deadline, the price would have become more exhorbitant by at least £950.

Coleford case:

Mrs D Parker moved into a recently refurbished flat in Coleford in March 1999. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by a further 90 years. Comparative homes in Coleford with a long lease were worth £206,200. The mid-range amount of ground rent was £60 invoiced quarterly. The lease elapsed on 1 January 2079. Taking into account 56 years outstanding we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 not including expenses.

Coleford case:

Dr L Mitchell owned a garden apartment in Coleford in January 1997. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable flats in Coleford with an extended lease were valued around £300,000. The average amount of ground rent was £50 invoiced annually. The lease ran out in 2099. Having 76 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including legals.