Main reasons to start your Drakes Cross lease extension

Why you should start your Drakes Cross lease extension today:

A Drakes Cross lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Drakes Cross you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Drakes Cross with over 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may not grant a mortgage on a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops below a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your Drakes Cross home.

Why use us for your lease extension in Drakes Cross?

Irrespective of whether you are a tenant or a freeholder in Drakes Cross,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Drakes Cross valuers.

Drakes Cross Lease Extension Example Cases:

Zoe, Drakes Cross, Worcestershire,

Off the back of protracted correspondence with the landlord of her purpose-built flat in Drakes Cross, Zoe initiated the lease extension process as the 80 year deadline was swiftly advancing. The legal work was finalised in April 2005. The landlord’s costs were kept to an absolute minimum.

Drakes Cross case:

Dr Cameron Dupont purchased a basement apartment in Drakes Cross in October 2006. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Drakes Cross with an extended lease were worth £255,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed in 2096. Taking into account 70 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.

Drakes Cross case:

In 2010 we were contacted by Mr and Mrs. D Davis who, having purchased a ground floor apartment in Drakes Cross in February 2006. The dilemma was if we could shed any light on how much (approximately) premium could be to prolong the lease by an additional years. Identical flats in Drakes Cross with a long lease were in the region of £246,800. The average amount of ground rent was £60 collected yearly. The lease elapsed on 21 May 2076. Given that there were 50 years outstanding we approximated the compensation to the landlord for the lease extension to be between £44,700 and £51,600 exclusive of legals.