Quedgeley Lease Extension - Free Consultation

Before you progress with your lease extension in Quedgeley
Get a quote from one of our lease extension experts with over 20 years experience.

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Why you should commence your Quedgeley lease extension


Why you should commence your Quedgeley lease extension today:

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

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

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

Lenders are making their criteria more stringent and many now want flats to have at least 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Quedgeley were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 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.

What makes us experts in Quedgeley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Quedgeley,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Quedgeley valuers.

Quedgeley Lease Extension Case Summaries:

Max, Quedgeley, Gloucestershire

Last year Max, started to get close to the eighty-year threshold with the lease on his two bedroom flat in Quedgeley. Having purchased his flat two decades ago, the lease term was of minimal interest. Luckily, he recognised he needed to take action soon on Extending the lease. Max extended the lease just under the wire in April. Max and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If the lease had dropped below 80 years, the amount would have become more exhorbitant by at least £925.

Quedgeley case:

Dr Yasmin Collins owned a recently refurbished flat in Quedgeley in February 2009. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Similar residencies in Quedgeley with a long lease were valued about £280,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease expired in 2103. Having 78 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of legals.

Quedgeley case:

Last Autumn we were contacted by Dr N Brooks , who moved into a first floor flat in Quedgeley in July 2003. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Comparable flats in Quedgeley with a long lease were worth £186,000. The average ground rent payable was £65 billed annually. The lease expired in 2083. Considering the 58 years outstanding we approximated the premium to the landlord for the lease extension to be within £24,700 and £28,600 plus professional charges.