Main reasons to start your Drybrook lease extension

Main reasons to commence your Drybrook lease extension today:

Increase your lease and increase your Drybrook property value

For anyone whose Drybrook property is held on a long lease, our message is clear – if no remedial action is taken, your property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not lend with a short lease

Banks and Building Societies have specific criteria when lending monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term goes lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to refinance your Drybrook home.

Why use us for your lease extension in Drybrook?

The conveyancers that we work with undertake Drybrook 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 conveyancer we work with provide it.

Drybrook Lease Extension Case Studies:

Lucas, Drybrook, Gloucestershire

During the course of the last few months Lucas, started to get near to the 80-year mark with the lease on his studio apartment in Drybrook. Having purchased his home two decades ago, the lease term was of little concern. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Lucas was able to extend his lease just under the wire last June. Lucas and the landlord who owned the flat above subsequently settled on sum of £5,000 . If he not met the deadline, the amount would have become more costly by a minimum £875.

Drybrook case:

In 2011 we were called by Mr and Mrs. A Mercier who, having moved into a ground floor flat in Drybrook in September 2004. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Similar homes in Drybrook with an extended lease were in the region of £200,000. The average ground rent payable was £50 billed monthly. The lease terminated on 26 March 2103. Given that there were 77 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus legals.

Drybrook case:

Dr H Brooks was assigned a lease of a studio apartment in Drybrook in May 2010. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparable flats in Drybrook with a long lease were worth £265,200. The mid-range amount of ground rent was £65 billed annually. The lease concluded on 1 April 2092. Considering the 66 years as a residual term we calculated the premium to the landlord to extend the lease to be within £15,200 and £17,600 not including fees.