Top reasons for Evesham lease extension

Main reasons to commence your Evesham lease extension today:

A Evesham leasehold property depreciates with the years remaining on the lease.

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

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

Leasehold properties in Evesham with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not finance a property on a short lease

Why use us for your lease extension in Evesham?

The conveyancers that we work with undertake Evesham 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.

Evesham Lease Extension Example Cases:

Victoria, Evesham, Worcestershire,

After protracted negotiations with the landlord of her purpose-built flat in Evesham, Victoria started the lease extension process just as the lease was coming close to the critical eighty-year threshold. The lease extension was concluded in November 2005. The freeholder’s fees were negotiated to a tad over 600 pounds.

Evesham case:

Mrs W Brown bought a garden apartment in Evesham in April 2003. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Evesham with an extended lease were valued around £191,400. The average amount of ground rent was £55 invoiced annually. The lease finished in 2080. Having 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £34,200 and £39,600 not including costs.

Evesham case:

Ms Alicia Rogers completed a purpose-built flat in Evesham in April 2009. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Evesham with an extended lease were in the region of £295,000. The mid-range amount of ground rent was £45 billed monthly. The lease lapsed on 15 March 2100. Given that there were 74 years remaining we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.