Top reasons for Crewkerne lease extension

Top reasons for lease extension now:

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

Chances are that if you own a flat in Crewkerne you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Crewkerne with more than 100 years left 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not loan monies on a short lease

Get in touch with one of our Crewkerne lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with undertake Crewkerne 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 lawyer we work with provide it.

Crewkerne Lease Extension Example Cases:

Austin, Crewkerne, Somerset

During the course of the last few months Austin, started to get close to the 80-year mark with the lease on his garden apartment in Crewkerne. In buying his flat 18 years previously, the length of the lease was of little significance. Thankfully, he became aware that he would imminently be paying an escalated premium for Extending the lease. Austin was able to extend his lease just under the wire last March. Austin and the freeholder via the management company eventually settled on an amount of £6,000 . If he had missed the deadline, the premium would have increased by at least £975.

Crewkerne case:

Last Autumn we were approach by Mrs Rachael White , who acquired a one bedroom apartment in Crewkerne in October 1998. The question was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical homes in Crewkerne with a long lease were in the region of £250,000. The average amount of ground rent was £50 invoiced annually. The lease end date was in 2095. Taking into account 69 years remaining we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Crewkerne case:

In 2009 we were approached by Ms Francesca Thompson who, having bought a one bedroom flat in Crewkerne in May 2002. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative homes in Crewkerne with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated in 2106. Having 80 years unexpired we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.