Main reasons to commence your Priorslee lease extension

Top reasons for lease extension now:

Increase your lease and increase your Priorslee property value

The only way is down when it comes to Priorslee lease terms. Priorslee leaseholds that have a residual term lower than 80 years will de-escalate in market price even faster, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 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 premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the remaining lease term goes lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years suitable security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Priorslee property.

Get in touch with one of our Priorslee lease extension solicitors or enfranchisement solicitors

Lease extensions in Priorslee can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Priorslee lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Priorslee Lease Extension Example Cases:

Emma, Priorslee, Shropshire,

Subsequent to protracted correspondence with the landlord of her garden apartment in Priorslee, Emma commenced the lease extension process just as the lease was nearing the crucial eighty-year deadline. The lease extension was finalised in October 2007. The freeholder’s fees were negotiated to under 700 GBP.

Priorslee case:

In 2011 we were phoned by Dr Maisie Leroy who, having took over the lease of a one bedroom flat in Priorslee in April 1995. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Similar flats in Priorslee with a long lease were valued around £206,200. The mid-range ground rent payable was £55 invoiced monthly. The lease concluded in 2082. Given that there were 56 years remaining we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 plus fees.

Priorslee case:

Last month we were approach by Mr and Mrs. L Dupont , who moved into a ground floor flat in Priorslee in September 2011. The dilemma was if we could approximate the price would be for a 90 year lease extension. Comparative homes in Priorslee with an extended lease were in the region of £300,000. The average ground rent payable was £50 invoiced yearly. The lease terminated in 2102. Given that there were 76 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.