Main reasons to commence your Leegomery lease extension

Top reasons for lease extension now:

A Leegomery lease depreciates with the years remaining on the lease.

The market value of Leegomery leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the remaining term is below than 80 years

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

Leasehold properties in Leegomery with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies will not finance a property with a short lease

Mortgage companies are really restricting their approach as regards to homes in Leegomery with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the number of potential purchasers.

Why use us for your lease extension in Leegomery?

Lease extensions in Leegomery can be a difficult process. We recommend you obtain guidance from a lawyer 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 a wealth of experience dealing with Leegomery lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Leegomery Lease Extension Example Cases:

Georgina, Leegomery, Shropshire,

Trailing unsuccessful discussions with the freeholder of her purpose-built flat in Leegomery, Georgina commenced the lease extension process as the 80 year mark was quickly coming. The transaction was concluded in August 2009. The landlord’s charges were kept to an absolute minimum.

Leegomery case:

Last Christmas we were phoned by Dr Harrison Bertrand , who completed a one bedroom apartment in Leegomery in May 2010. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable homes in Leegomery with a long lease were worth £235,200. The mid-range ground rent payable was £45 billed per annum. The lease finished on 21 January 2092. Taking into account 66 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.

Leegomery case:

In 2013 we were approached by Mr and Mrs. U Martinez who, having took over the lease of a recently refurbished flat in Leegomery in January 1999. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Comparative flats in Leegomery with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced per annum. The lease finished in 2103. Taking into account 77 years remaining we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus costs.