Top reasons for Dursley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Dursley property value

Chances are that where you own a flat in Dursley you actually own a long leasehold interest over your property

Dursley property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to experience difficulties if you need to sell your flat in Dursley if the unexpired term of your lease is less than the criteria set by most lenders. Different lenders have varying criteria but in the main theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Dursley lease extensions?

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

Dursley Lease Extension Case Summaries:

Katie, Dursley, Gloucestershire,

Following lengthy negotiations with the freeholder of her garden apartment in Dursley, Katie started the lease extension process as the 80 year deadline was fast approaching. The transaction completed in April 2007. The landlord’s fees were kept to an absolute minimum.

Dursley case:

Last Christmas we were contacted by Mrs I Díaz , who bought a studio flat in Dursley in June 2008. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Comparable properties in Dursley with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 collected monthly. The lease expired in 2080. Given that there were 54 years remaining we calculated the premium to the freeholder to extend the lease to be within £32,300 and £37,400 not including costs.

Dursley case:

Mr W Leroy purchased a recently refurbished apartment in Dursley in February 1995. The question was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparable flats in Dursley with 100 year plus lease were valued about £227,800. The average ground rent payable was £45 billed per annum. The lease finished in 2091. Given that there were 65 years remaining we calculated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including professional charges.