Why you should commence your Cotswolds lease extension

Why you should start your Cotswolds lease extension today:

A Cotswolds leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Cotswolds you actually own a long leasehold interest over your property

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

It is generally considered that a property with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Most banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Cotswolds?

Lease extensions in Cotswolds can be a difficult process. We recommend you procure guidance from a lawyer 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 in-depth market knowledge dealing with Cotswolds lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cotswolds Lease Extension Example Cases:

Harry, Cotswolds, Gloucestershire,

Harry owned a conversion apartment in Cotswolds being sold with a lease of just over fifty eight years unexpired. Harry informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Harry to exercise his statutory right. Harry procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.

Cotswolds case:

Mrs Phoebe Roux owned a garden flat in Cotswolds in October 2011. The question was if we could approximate the premium could be for a ninety year extension to my lease. Similar homes in Cotswolds with an extended lease were worth £285,000. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 20 January 2106. Having 80 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.

Cotswolds case:

Dr Yasmin Bailey completed a recently refurbished apartment in Cotswolds in May 2007. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative flats in Cotswolds with an extended lease were valued about £200,800. The mid-range ground rent payable was £65 billed every twelve months. The lease concluded on 2 October 2086. Given that there were 60 years as a residual term we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of fees.