Top reasons for Quedgeley lease extension

Why you should start your Quedgeley lease extension today:

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

On the balance of probabilities where you own a flat in Quedgeley you actually own a long leasehold interest over your property

Quedgeley property with a lease extension is almost the same value as a freehold

Leasehold residencies in Quedgeley with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to grant a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Even if you don't need a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so if they are not able to secure a mortgage, then the market price of your property could suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Quedgeley lease extensions?

The lawyers 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 conveyancing solicitor we work with provide it.

Quedgeley Lease Extension Case Studies:

Eli, Quedgeley, Gloucestershire,

Eli owned a studio flat in Quedgeley on the market with a lease of just over sixty years left. Eli on an informal basis spoke with his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Eli to invoke his statutory right. Eli obtained expert advice and was able to make a more informed decision and handle with the matter and sell the property.

Quedgeley case:

Last Spring we were phoned by Mrs Morgan Brown , who acquired a garden apartment in Quedgeley in May 1997. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by a further 90 years. Comparative properties in Quedgeley with a long lease were in the region of £270,000. The mid-range ground rent payable was £55 collected quarterly. The lease ended in 2101. Considering the 75 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Quedgeley case:

Last Winter we were phoned by Mr Nathan Vincent , who owned a recently refurbished apartment in Quedgeley in January 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative properties in Quedgeley with 100 year plus lease were worth £168,800. The mid-range ground rent payable was £60 collected annually. The lease finished in 2081. Considering the 55 years left we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus costs.