Top reasons for East Coker lease extension

Why you should start your East Coker lease extension today:

A East Coker lease depreciates with the years remaining on the lease.

When it comes to long leasehold premises in East Coker, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive particularly when there are less than 80 years remaining. Residents in East Coker with a lease approaching 81 years remaining should seriously think of extending it as soon as possible. When a lease has fewer than 80 years outstanding, under the current legislation the landlord is entitled to calculate and levy a larger amount, assessed on a technical computation, strangely termed as “marriage value” which is due.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. As a number of flats in East Coker were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in East Coker lease extensions?

Using our service gives you enhanced control over the value of your East Coker leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

East Coker Lease Extension Example Cases:

Rebecca, East Coker, Somerset,

Trailing unsuccessful discussions with the freeholder of her garden flat in East Coker, Rebecca initiated the lease extension process as the eighty year deadline was fast coming. The legal work completed in February 2011. The landlord’s fees were negotiated to about 600 GBP.

East Coker case:

Dr Hunter Torres owned a studio flat in East Coker in May 2001. We are asked if we could approximate the price would likely be to prolong the lease by 90 years. Comparative premises in East Coker with 100 year plus lease were in the region of £300,000. The average ground rent payable was £50 collected every twelve months. The lease came to a finish on 8 April 2102. Considering the 76 years remaining we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of legals.

East Coker case:

Last February we were called by Dr Connor Clarke , who took over the lease of a garden flat in East Coker in November 1996. We are asked if we could estimate the price would be to prolong the lease by 90 years. Comparable flats in East Coker with an extended lease were in the region of £257,800. The mid-range ground rent payable was £65 billed yearly. The lease finished in 2091. Considering the 65 years unexpired we calculated the premium to the landlord to extend the lease to be within £17,100 and £19,800 not including costs.