Top reasons for Quedgeley lease extension

Why you should commence your Quedgeley lease extension today:

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

Quedgeley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Quedgeley tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Quedgeley you must investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Quedgeley leaseholder with a lease having around eighty years remaining should take action to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Quedgeley with in excess of 100 years left on the lease are often referred to as ‘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 freehold unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not finance a property with a short lease

Most mortgage lenders will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Quedgeley property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Quedgeley?

The lawyers that we work with procure 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:

Ellen, Quedgeley, Gloucestershire,

Trailing unsuccessful negotiations with the landlord of her ground floor flat in Quedgeley, Ellen started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in June 2014. The freeholder’s costs were restricted to below four hundred GBP.

Quedgeley case:

Dr Liam Bertrand owned a first floor flat in Quedgeley in July 2003. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Quedgeley with an extended lease were worth £186,000. The mid-range amount of ground rent was £65 billed per annum. The lease elapsed on 19 September 2084. Having 58 years remaining we approximated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 plus costs.

Quedgeley case:

Mrs U Cox acquired a newly refurbished apartment in Quedgeley in February 2009. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical residencies in Quedgeley with a long lease were valued around £250,000. The average ground rent payable was £50 collected quarterly. The lease expiry date was on 20 November 2095. Having 69 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.