Top reasons for Dursley lease extension

Why you should commence your Dursley lease extension today:

Increase your lease and increase your Dursley property value

The only way is down when it comes to Dursley lease terms. Dursley leaseholds that have a remaining term shorter than 80 years will drop in value even faster, and the cost of extending your lease will go up.

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

Most banks and building societies require a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the market price of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

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

Lease extensions in Dursley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor 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 in-depth market knowledge dealing with Dursley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dursley Lease Extension Example Cases:

Ali, Dursley, Gloucestershire,

Ali owned a studio flat in Dursley being sold with a lease of a little over 59 years unexpired. Ali on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Ali to exercise his statutory right. Ali procured expert advice and secured satisfactory deal informally and ending up with a market value flat.

Dursley case:

Last Spring we were phoned by Dr Morgan Cooper , who purchased a one bedroom apartment in Dursley in October 2005. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparable properties in Dursley with an extended lease were in the region of £191,000. The mid-range amount of ground rent was £65 billed annually. The lease concluded on 6 May 2084. Having 58 years left we estimated the compensation to the freeholder for the lease extension to be within £23,800 and £27,400 exclusive of fees.

Dursley case:

Last year we were called by Mr C Martinez , who was assigned a lease of a one bedroom flat in Dursley in October 2001. The question was if we could estimate the premium would likely be for a ninety year lease extension. Identical residencies in Dursley with an extended lease were in the region of £250,000. The mid-range ground rent payable was £50 invoiced monthly. The lease concluded in 2095. Having 69 years left we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.