Top reasons for Coombe Dingle lease extension

Main reasons to start your Coombe Dingle lease extension today:

A Coombe Dingle leasehold property depreciates with the years remaining on the lease.

Coombe Dingle 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 your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Coombe Dingle residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Coombe Dingle you must investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Coombe Dingle with over 100 years remaining on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get nervous at around 75 years. This may cause difficulties when you need to market or remortgage your property as it will be effectively unmortgageable. You might have no imminent desire to sell but when you do your purchaser will have to hold off for a couple of years before they can initiate the legal procedures for a lease extension.

What makes us experts in Coombe Dingle lease extensions?

The conveyancing solicitors that we work with handle Coombe Dingle 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 conveyancing solicitor we work with provide it.

Coombe Dingle Lease Extension Example Cases:

Ryan, Coombe Dingle, Bristol

During the course of the last few months Ryan, started to get near to the 80-year mark with the lease on his two bedroom apartment in Coombe Dingle. Having bought his flat two decades ago, the lease term was of minimal interest. Thankfully, he noticed he needed to take steps soon on Extending the lease. Ryan was able to extend his lease just in the nick of time last March. Ryan and the landlord who owned the flat above subsequently settled on a premium of £5,000 . If the lease had slid to less than eighty years, the amount would have increased by a minimum £1,100.

Coombe Dingle case:

Last Autumn we were phoned by Dr Alicia Morel , who was assigned a lease of a recently refurbished flat in Coombe Dingle in November 2009. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Similar homes in Coombe Dingle with 100 year plus lease were worth £250,400. The mid-range ground rent payable was £65 billed every twelve months. The lease ended in 2090. Given that there were 64 years unexpired we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus fees.

Coombe Dingle case:

Last Winter we were contacted by Mr Archie Gray , who completed a garden flat in Coombe Dingle in August 2001. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar properties in Coombe Dingle with an extended lease were in the region of £189,000. The average amount of ground rent was £55 collected yearly. The lease lapsed on 7 June 2079. Given that there were 53 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 not including legals.