Top reasons for Quedgeley lease extension
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Main reasons to commence your Quedgeley lease extension today:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/quedgeley">Quedgeley</a> leasehold property depreciates with the years remaining on the lease.
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Quedgeley leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Quedgeley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Quedgeley you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Quedgeley leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is actioned without delay <h4>Quedgeley property with a lease extension is almost the same value as a freehold</h4>
<p> It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.
<h4>Lending institutions may decide not to lend with a short lease</h4> Banks and building societies vary in their lending requirements. Some set the bar at 75 years left on the lease; others may be prepared to lend with anything in excess 70 years. With less than sixty years, it may be impossible to obtain a mortgage in the first place.
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<td>Barnsley Building Society</td>
<td> 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Skipton Building Society</td>
<td> 85 years from the date of completion of the mortgage<br /><br />For Buy to Let cases:<br />- lettings must not breach any of the lessee’s covenants; and<br />- consent of the lessor to lettings must be obtained if necessary
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Yorkshire Building Society</td>
<td> 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
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Why use us for your lease extension in Quedgeley? </h4>
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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.
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Quedgeley Lease Extension Example Cases:
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<h5> Henry, Quedgeley, Gloucestershire,</h5>
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Henry was the the leasehold owner of a conversion apartment in Quedgeley being marketed with a lease of a little over 61 years remaining. Henry informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Henry to exercise his statutory right. Henry procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
<h5>Quedgeley case:</h5>
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In 2013 we were e-mailed by Mr and Mrs. D López who, having acquired a garden flat in Quedgeley in October 1998. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable residencies in Quedgeley with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 collected quarterly. The lease came to a finish on 23 March 2105. Considering the 79 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.
<h5>Quedgeley case:</h5>
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In 2009 we were called by Ms Stephanie Nguyen who, having took over the lease of a one bedroom flat in Quedgeley in March 2006. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Identical homes in Quedgeley with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 invoiced per annum. The lease lapsed on 7 May 2085. Taking into account 59 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 not including costs.
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