Main reasons to commence your Midsomer Norton lease extension

Main reasons to commence your Midsomer Norton lease extension today:

Increase your lease and increase your Midsomer Norton property value

Midsomer Norton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Midsomer Norton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Midsomer Norton you really ought to check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Midsomer Norton leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is effected without delay

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

Leasehold properties in Midsomer Norton with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies will not issue a mortgage with a short lease

Most mortgage companies will not grant a mortgage on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Midsomer Norton property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Midsomer Norton?

Retaining our service gives you better control over the value of your Midsomer Norton 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Midsomer Norton Lease Extension Case Summaries:

Jade, Midsomer Norton, Somerset,

Trailing unsuccessful discussions with the freeholder of her basement apartment in Midsomer Norton, Jade initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work was concluded in October 2013. The freeholder’s costs were restricted to a tad over 550 GBP.

Midsomer Norton case:

Mr and Mrs. O Turner moved into a first floor flat in Midsomer Norton in June 1995. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical flats in Midsomer Norton with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 billed quarterly. The lease ran out in 2100. Given that there were 74 years unexpired we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.

Midsomer Norton case:

Mr and Mrs. C Campbell took over the lease of a garden apartment in Midsomer Norton in October 2005. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Identical premises in Midsomer Norton with 100 year plus lease were in the region of £243,000. The mid-range ground rent payable was £65 billed every twelve months. The lease expired on 5 April 2089. Considering the 63 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 not including costs.