Top reasons for Lydney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lydney property value

Lydney leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Lydney residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Lydney you really ought to see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Lydney with in excess of one hundred years unexpired 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to lend with a short lease

Lenders are inclined not grant a mortgage on short residential leases. You are likely to encounter problems where you need to sell your flat in Lydney if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Lydney lease extensions?

Engaging our service gives you better control over the value of your Lydney leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lydney Lease Extension Example Cases:

Yasmin, Lydney, Gloucestershire,

In the wake of eight months of lengthy correspondence with the freeholder of her leasehold flat in Lydney, Yasmin commenced the lease extension process as the eighty year threshold was fast nearing. The lease extension was concluded in June 2007. The freeholder’s charges were kept to an absolute minimum.

Lydney case:

Mrs Lydia Pérez purchased a purpose-built apartment in Lydney in June 2007. We are asked if we could approximate the price would be for a ninety year lease extension. Identical homes in Lydney with a long lease were worth £191,400. The average amount of ground rent was £55 billed quarterly. The lease ran out on 7 May 2080. Taking into account 54 years unexpired we estimated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 plus costs.

Lydney case:

Last Autumn we were approach by Mr and Mrs. J Miller , who owned a garden flat in Lydney in October 2009. We are asked if we could approximate the premium would be to prolong the lease by an additional years. Similar residencies in Lydney with an extended lease were worth £295,000. The average ground rent payable was £45 collected every twelve months. The lease lapsed on 12 February 2100. Having 74 years remaining we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.