Top reasons for Quedgeley lease extension

Main reasons to commence your Quedgeley lease extension today:

A Quedgeley leasehold property depreciates with the years remaining on the lease.

Quedgeley leases on residential deteriorating in value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Quedgeley will usually be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm if you qualify. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Quedgeley with in excess of one hundred 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may cause difficulties when you wish to market or remortgage your property as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your purchaser must wait a couple of years before being able to exercise the right to a an extension to the lease.

What makes us experts in Quedgeley lease extensions?

The conveyancing solicitors that we work with undertake 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 conveyancing solicitor we work with provide it.

Quedgeley Lease Extension Example Cases:

Lily, Quedgeley, Gloucestershire,

After protracted negotiations with the freeholder of her garden apartment in Quedgeley, Lily commenced the lease extension process as the eighty year deadline was fast approaching. The lease extension was concluded in November 2007. The freeholder’s costs were kept to an absolute minimum.

Quedgeley case:

Dr S Miller completed a newly refurbished flat in Quedgeley in April 2006. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical properties in Quedgeley with an extended lease were in the region of £246,800. The average amount of ground rent was £60 collected per annum. The lease ran out in 2076. Given that there were 50 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus fees.

Quedgeley case:

Last month we were phoned by Mr and Mrs. V Rose , who purchased a purpose-built flat in Quedgeley in October 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative premises in Quedgeley with 100 year plus lease were valued around £200,800. The average ground rent payable was £65 invoiced every twelve months. The lease ended in 2086. Given that there were 60 years as a residual term we approximated the premium to the landlord to extend the lease to be within £20,900 and £24,200 plus professional charges.