Why you should start your Keynsham lease extension

Why you should commence your Keynsham lease extension today:

Increase your lease and increase your Keynsham property value

There is no doubt about it a leasehold property in Keynsham is a wasting asset as a result of the shortening lease. If the residual term has, in excess of one hundred years to run then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main rational as to why you should extend the lease sooner than later. Many flat owners in Keynsham will meet the qualifying criteria; nevertheless a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not lend with a short lease

Banks and building societies are really clamping down as regards to homes in Keynsham with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the number of potential buyers.

What makes us experts in Keynsham lease extensions?

Lease extensions in Keynsham can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 a wealth of experience dealing with Keynsham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Keynsham Lease Extension Case Studies:

Rachael, Keynsham, North Somerset,

Trailing unsuccessful correspondence with the landlord of her studio flat in Keynsham, Rachael initiated the lease extension process just as her lease was nearing the crucial eighty-year mark. The legal work was finalised in April 2006. The freeholder’s costs were kept to an absolute minimum.

Keynsham case:

Last April we were approach by Mr and Mrs. C Garcia , who completed a garden flat in Keynsham in July 1995. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Identical flats in Keynsham with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 invoiced yearly. The lease end date was in 2104. Taking into account 78 years remaining we approximated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 not including professional charges.

Keynsham case:

In 2009 we were e-mailed by Mr and Mrs. N Carter who, having completed a studio apartment in Keynsham in August 1999. The question was if we could estimate the price could be for a 90 year lease extension. Identical homes in Keynsham with an extended lease were worth £186,000. The average ground rent payable was £65 collected quarterly. The lease came to a finish on 6 June 2084. Having 58 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 not including costs.