Top reasons for Paulton lease extension

Main reasons to commence your Paulton lease extension today:

Increase your lease and increase your Paulton property value

Paulton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Paulton tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. Where you are a leasehold owner in Paulton you would be well advised to investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Paulton leaseholder with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold premises in Paulton with in excess of one hundred years unexpired on the lease are sometimes referred to as ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

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

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties when you wish to market or refinance your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your purchaser will have to hold off for two years before they can commence the legal procedures for a lease extension.

What makes us experts in Paulton lease extensions?

Lease extensions in Paulton can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Paulton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Paulton Lease Extension Example Cases:

Francesca, Paulton, North Somerset,

Off the back of unsuccessful discussions with the landlord of her basement apartment in Paulton, Francesca started the lease extension process as the 80 year deadline was swiftly coming. The transaction was concluded in January 2007. The freeholder’s fees were negotiated to less than 450 pounds.

Paulton case:

Last Christmas we were contacted by Mr and Mrs. O Martínez , who owned a one bedroom apartment in Paulton in May 2007. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable properties in Paulton with an extended lease were in the region of £176,200. The average amount of ground rent was £65 billed monthly. The lease finished in 2082. Having 56 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 not including legals.

Paulton case:

Mrs Jasmine Díaz bought a first floor apartment in Paulton in March 2011. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparable flats in Paulton with 100 year plus lease were in the region of £242,600. The mid-range amount of ground rent was £45 collected per annum. The lease concluded in 2093. Having 67 years remaining we calculated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 plus costs.