Why you should commence your Corsham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Corsham property value

Corsham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Corsham residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Corsham you really ought to see if your lease has between 70 and ninety years left. There are compelling reasons why a Corsham flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is actioned without delay

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

Leasehold residencies in Corsham with over 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 premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to finance a property on a short lease

Almost all mortgage companies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Corsham property being difficult to sell or remortgage.

Why use us for your lease extension in Corsham?

Irrespective of whether you are a tenant or a landlord in Corsham,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Corsham valuers.

Corsham Lease Extension Case Studies:

Alexandra, Corsham, Wiltshire,

Subsequent to protracted correspondence with the landlord of her garden flat in Corsham, Alexandra commenced the lease extension process as the eighty year deadline was swiftly advancing. The legal work completed in September 2009. The freeholder’s charges were kept to an absolute minimum.

Corsham case:

Last Spring we were e-mailed by Mr and Mrs. Y Vincent , who completed a one bedroom flat in Corsham in July 1998. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical premises in Corsham with 100 year plus lease were in the region of £300,000. The average amount of ground rent was £50 invoiced quarterly. The lease expired on 25 November 2101. Taking into account 75 years remaining we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.

Corsham case:

Mrs E Davis bought a purpose-built apartment in Corsham in April 2006. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar flats in Corsham with a long lease were worth £250,400. The mid-range ground rent payable was £65 collected annually. The lease ended on 4 February 2090. Given that there were 64 years remaining we estimated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 not including professional charges.