Why you should start your Peterston Super Ely lease extension

Top reasons for lease extension now:

Increase your lease and increase your Peterston Super Ely property value

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Peterston Super Ely have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Do think carefully before delaying your Peterston Super Ely lease extension. Shelving that expense today simply escalates the price you will ultimately have to pay to extend the lease.

Peterston Super Ely property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

The trend since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by lenders has increased. In the past lenders were content with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Peterston Super Ely?

Regardless of whether you are a tenant or a freeholder in Peterston Super Ely,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Peterston Super Ely valuers.

Peterston Super Ely Lease Extension Case Studies:

Jonathan, Peterston Super Ely, Vale Of Glamorgan,

Jonathan was the the leasehold owner of a conversion apartment in Peterston Super Ely on the market with a lease of a few days over 61 years outstanding. Jonathan on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Peterston Super Ely case:

In 2014 we were phoned by Mr and Mrs. C Leroy who, having was assigned a lease of a one bedroom apartment in Peterston Super Ely in May 1998. The question was if we could estimate the price would be to extend the lease by 90 years. Identical homes in Peterston Super Ely with an extended lease were valued about £261,600. The average amount of ground rent was £60 billed monthly. The lease finished in 2078. Having 52 years as a residual term we approximated the premium to the landlord for the lease extension to be within £39,000 and £45,000 exclusive of costs.

Peterston Super Ely case:

In 2009 we were called by Dr Megan Laurent who, having moved into a ground floor apartment in Peterston Super Ely in May 1999. We are asked if we could approximate the price could be for a ninety year lease extension. Comparative premises in Peterston Super Ely with 100 year plus lease were worth £218,000. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed in 2089. Given that there were 63 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of fees.