Top reasons for Coleford lease extension

Why you should start your Coleford lease extension today:

Increase your lease and increase your Coleford property value

Coleford leases on domestic deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Coleford will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some circumstances you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

Coleford property with a lease extension is almost the same value as a freehold

Leasehold properties in Coleford with over 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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 service charges warrant it.

Lending institutions will not loan monies with a short lease

The trend since 2008 has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Coleford lease extensions?

The conveyancers that we work with handle Coleford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Coleford Lease Extension Example Cases:

Bethan, Coleford, Gloucestershire,

Subsequent to protracted correspondence with the landlord of her ground floor apartment in Coleford, Bethan started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work was concluded in September 2005. The freeholder’s fees were restricted to approximately 600 GBP.

Coleford case:

Mr and Mrs. T Davies completed a garden flat in Coleford in April 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Coleford with 100 year plus lease were worth £260,200. The mid-range ground rent payable was £65 billed monthly. The lease lapsed on 22 September 2092. Having 66 years remaining we approximated the compensation to the landlord for the lease extension to be within £16,200 and £18,600 plus legals.

Coleford case:

Dr R François purchased a one bedroom apartment in Coleford in June 2002. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable homes in Coleford with a long lease were worth £198,800. The average ground rent payable was £55 invoiced quarterly. The lease elapsed in 2081. Taking into account 55 years outstanding we approximated the premium to the landlord for the lease extension to be within £33,300 and £38,400 plus costs.