Main reasons to start your Drybrook lease extension

Main reasons to start your Drybrook lease extension today:

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

Unfortunately that a Drybrook residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Drybrook property market.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher amount will be due. Most flat owners in Drybrook will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

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

Leasehold premises in Drybrook with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to loan monies on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be insufficient for lending purposes.

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

The conveyancing solicitors that we work with procure 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 lawyer we work with provide it.

Drybrook Lease Extension Example Cases:

Madeleine, Drybrook, Gloucestershire,

Trailing protracted discussions with the landlord of her purpose-built apartment in Drybrook, Madeleine started the lease extension process just as her lease was nearing the all-important eighty-year deadline. The lease extension completed in January 2011. The freeholder’s fees were kept to an absolute minimum.

Drybrook case:

In 2014 we were e-mailed by Mr and Mrs. W Richardson who, having moved into a ground floor flat in Drybrook in February 1996. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Identical premises in Drybrook with 100 year plus lease were valued around £171,800. The average ground rent payable was £55 invoiced yearly. The lease expired in 2076. Taking into account 50 years remaining we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 plus costs.

Drybrook case:

In 2013 we were approached by Mr and Mrs. C Martinez who, having moved into a newly refurbished apartment in Drybrook in June 1998. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Drybrook with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £45 invoiced annually. The lease expired on 26 August 2096. Considering the 70 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.