Why you should start your Drakes Cross lease extension

Top reasons for lease extension now:

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

There is no doubt about it a leasehold property in Drakes Cross is a wasting asset as a result of the diminishing lease term. Where the residual term has, beyond 100 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner than later. Most flat owners in Drakes Cross will meet the qualifying criteria; nevertheless a conveyancer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold residencies in Drakes Cross with in excess of one hundred years unexpired 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 estate charges merit it.

Lenders may not loan monies on a short lease

Most high street banks are making their criteria more stringent and many now expect flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As plenty of flats in Drakes Cross were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

Lease extensions in Drakes Cross can be a difficult process. We recommend you get professional help from a conveyancer 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 a wealth of experience procuring Drakes Cross lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Drakes Cross Lease Extension Case Studies:

Eleanor, Drakes Cross, Worcestershire,

Off the back of unsuccessful discussions with the freeholder of her garden flat in Drakes Cross, Eleanor started the lease extension process as the eighty year threshold was quickly nearing. The transaction completed in August 2010. The landlord’s fees were negotiated to approximately 450 pounds.

Drakes Cross case:

Last Summer we were phoned by Mr and Mrs. D Bailey , who took over the lease of a basement flat in Drakes Cross in June 2012. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Similar homes in Drakes Cross with 100 year plus lease were valued around £254,200. The mid-range amount of ground rent was £60 collected quarterly. The lease elapsed on 5 January 2077. Given that there were 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus fees.

Drakes Cross case:

Mr Leon López acquired a one bedroom flat in Drakes Cross in June 2004. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Similar homes in Drakes Cross with a long lease were worth £215,600. The average ground rent payable was £45 invoiced every twelve months. The lease finished in 2088. Taking into account 62 years left we calculated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including expenses.