Top reasons for Peasedown St John lease extension

Top reasons for lease extension now:

Increase your lease and increase your Peasedown St John property value

On the balance of probabilities if you own a flat in Peasedown St John you actually own a long leasehold interest over your property

Peasedown St John property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Peasedown St John with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to lend on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Peasedown St John were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Peasedown St John?

The lawyers that we work with procure Peasedown St John 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 conveyancing solicitor we work with provide it.

Peasedown St John Lease Extension Case Studies:

Lucy, Peasedown St John, North Somerset,

Following unsuccessful negotiations with the landlord of her one bedroom apartment in Peasedown St John, Lucy commenced the lease extension process as the 80 year mark was rapidly coming. The legal work was concluded in January 2006. The landlord’s costs were negotiated to slightly above 550 pounds.

Peasedown St John case:

Mr and Mrs. J Martinez owned a first floor apartment in Peasedown St John in August 2005. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative residencies in Peasedown St John with a long lease were valued around £168,800. The average ground rent payable was £60 invoiced quarterly. The lease finished on 17 March 2081. Having 55 years unexpired we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of expenses.

Peasedown St John case:

Dr Gabriel Walker acquired a ground floor apartment in Peasedown St John in August 2010. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar properties in Peasedown St John with a long lease were worth £235,200. The mid-range ground rent payable was £45 billed annually. The lease concluded in 2092. Having 66 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.