Top reasons for Priorslee lease extension

Top reasons for lease extension now:

Increase your lease and increase your Priorslee property value

Priorslee leases on domestic properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin incurring an additional element called marriage value. Flat owners in Priorslee will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not qualify. There are also strict timetables and formalities to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Priorslee property with a lease extension has roughly the same value as a freehold

Leasehold premises in Priorslee with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

The trend since 2008 has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Priorslee lease extensions?

Engaging our service gives you better control over the value of your Priorslee leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Priorslee Lease Extension Case Studies:

Lucy, Priorslee, Shropshire,

In the wake of eight months of unsuccessful correspondence with the freeholder of her first floor flat in Priorslee, Lucy commenced the lease extension process as the eighty year deadline was quickly approaching. The legal work was concluded in January 2012. The landlord’s charges were kept to an absolute minimum.

Priorslee case:

Last Christmas we were called by Mr and Mrs. U Taylor , who took over the lease of a purpose-built flat in Priorslee in July 2009. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparative flats in Priorslee with 100 year plus lease were worth £300,000. The average ground rent payable was £50 billed every twelve months. The lease concluded on 1 January 2101. Given that there were 75 years outstanding we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Priorslee case:

In 2014 we were phoned by Dr K Bernard who, having was assigned a lease of a basement flat in Priorslee in June 1995. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparative properties in Priorslee with a long lease were in the region of £250,400. The average ground rent payable was £65 billed every twelve months. The lease expired on 14 July 2090. Considering the 64 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 exclusive of professional charges.