Lydney Lease Extension - Free Consultation

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Before you progress with your lease extension in Lydney
Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should start your Lydney lease extension

Why you should start your Lydney lease extension today:

Increase your lease and increase your Lydney property value

The market value of Lydney 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 significantly once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Lydney with in excess of 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may decide not to finance a property on a short lease

Many banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this will result in your Lydney property becoming difficult to sell or remortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Lydney lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Lydney 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.

Lydney Lease Extension Case Studies:

Natasha, Lydney, Gloucestershire,

After unsuccessful negotiations with the freeholder of her garden apartment in Lydney, Natasha started the lease extension process as the 80 year mark was rapidly approaching. The transaction completed in March 2015. The landlord’s fees were restricted to about four hundred pounds.

Lydney case:

In 2013 we were e-mailed by Dr Georgina Howard who, having acquired a basement apartment in Lydney in August 1995. The dilemma was if we could approximate the premium would likely be for a ninety year lease extension. Comparative residencies in Lydney with a long lease were in the region of £295,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated on 2 November 2100. Given that there were 75 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.

Lydney case:

In 2009 we were contacted by Mr and Mrs. G Sharif who, having acquired a one bedroom flat in Lydney in April 2003. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Lydney with 100 year plus lease were valued around £250,400. The average amount of ground rent was £65 billed per annum. The lease came to a finish on 16 February 2089. Given that there were 64 years outstanding we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus expenses.