Quedgeley leases on residential properties are gradually diminishing 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. Legislation has been in place for sometime now allowing qualifying Quedgeley residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Quedgeley you should see if your lease has between 70 and ninety years remaining. There are good reasons why a Quedgeley flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is put in place without delay
Leasehold residencies in Quedgeley with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Coventry Building Society | |
| Leeds Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Engaging our service will provide you increased control over the value of your Quedgeley leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Blake owned a conversion flat in Quedgeley on the market with a lease of fraction over sixty years remaining. Blake informally approached his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Blake to exercise his statutory right. Blake obtained expert legal guidance and secured satisfactory resolution informally and readily saleable.
Last Winter we were phoned by Dr F Brooks , who was assigned a lease of a first floor flat in Quedgeley in May 1999. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Comparable flats in Quedgeley with a long lease were valued around £210,600. The mid-range ground rent payable was £45 billed yearly. The lease concluded in 2088. Given that there were 62 years remaining we calculated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 not including fees.
In 2009 we were phoned by Mrs P Mitchell who, having owned a basement apartment in Quedgeley in June 1996. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Identical premises in Quedgeley with a long lease were valued around £260,000. The average ground rent payable was £50 invoiced yearly. The lease came to a finish in 2099. Considering the 73 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.