Top reasons for Quedgeley lease extension

Why you should start your Quedgeley lease extension today:

Increase your lease and increase your Quedgeley property value

The market value of Quedgeley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the remaining term is below than eighty years

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may not lend on a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are regarded as deficient for lending purposes.

What makes us experts in Quedgeley lease extensions?

The conveyancing solicitors that we work with handle Quedgeley 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 lawyer we work with provide it.

Quedgeley Lease Extension Example Cases:

Leo, Quedgeley, Gloucestershire

Half a year ago Leo, started to get near to the 80-year mark with the lease on his one bedroom apartment in Quedgeley. Having bought his property two decades ago, the length of the lease was of little significance. As luck would have it, he recognised he needed to take steps soon on a lease extension. Leo extended the lease at the eleventh hour in January. Leo and the freeholder via the management company eventually agreed on a premium of £6,000 . If the lease had dropped to less than 80 years, the sum would have increased by at least £1,125.

Quedgeley case:

Last Summer we were called by Dr Rachael Robinson , who purchased a one bedroom flat in Quedgeley in February 2000. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparable homes in Quedgeley with an extended lease were valued about £166,400. The mid-range amount of ground rent was £60 invoiced monthly. The lease ran out in 2080. Taking into account 54 years outstanding we approximated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 plus legals.

Quedgeley case:

Dr Rory Lewis moved into a ground floor flat in Quedgeley in September 2004. We are asked if we could estimate the price would be to prolong the lease by an additional years. Similar residencies in Quedgeley with 100 year plus lease were worth £227,800. The average amount of ground rent was £45 collected every twelve months. The lease came to a finish on 5 January 2091. Taking into account 65 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.