Main reasons to start your Northleach lease extension

Main reasons to commence your Northleach lease extension today:

Increase your lease and increase your Northleach property value

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

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to lend on a short lease

Lenders are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Northleach were built in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Northleach?

Regardless of whether you are a tenant or a landlord in Northleach,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Northleach valuers.

Northleach Lease Extension Case Studies:

Charlotte, Northleach, Gloucestershire,

In the wake of 9 months of lengthy correspondence with the freeholder of her leasehold apartment in Northleach, Charlotte started the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work was concluded in June 2012. The freeholder’s fees were kept to an absolute minimum.

Northleach case:

Mr Austin Leroy bought a one bedroom flat in Northleach in April 1998. The dilemma was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable residencies in Northleach with 100 year plus lease were worth £243,000. The average ground rent payable was £65 invoiced annually. The lease elapsed on 28 March 2089. Considering the 63 years left we estimated the compensation to the freeholder to extend the lease to be between £20,000 and £23,000 not including expenses.

Northleach case:

Mr and Mrs. N Leroy purchased a purpose-built flat in Northleach in January 2004. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Identical residencies in Northleach with an extended lease were worth £181,600. The average ground rent payable was £55 collected per annum. The lease came to a finish on 15 May 2078. Having 52 years outstanding we calculated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.