Why you should commence your Leominster lease extension

Why you should start your Leominster lease extension today:

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

The market value of Leominster leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than 80 years

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

It is conventional wisdom that a property with over 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 residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not finance a property on a short lease

What makes us experts in Leominster lease extensions?

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

Leominster Lease Extension Example Cases:

Kayleigh, Leominster, Herefordshire,

Subsequent to protracted negotiations with the landlord of her first floor flat in Leominster, Kayleigh started the lease extension process as the eighty year deadline was swiftly nearing. The transaction was concluded in April 2009. The freeholder’s costs were negotiated to under 550 GBP.

Leominster case:

In 2014 we were called by Ms Melissa Scott who, having took over the lease of a ground floor apartment in Leominster in August 2011. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Similar residencies in Leominster with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £45 billed yearly. The lease ended on 22 March 2098. Considering the 72 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including legals.

Leominster case:

In 2011 we were contacted by Mr and Mrs. M Scott who, having owned a basement apartment in Leominster in July 1998. The question was if we could approximate the price would be to prolong the lease by a further 90 years. Similar premises in Leominster with a long lease were valued about £233,200. The mid-range ground rent payable was £60 billed yearly. The lease lapsed on 20 October 2087. Given that there were 61 years remaining we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 exclusive of fees.