Why you should start your Radstock lease extension

Main reasons to commence your Radstock lease extension today:

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

The market value of Radstock leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the remaining term is less than 80 years

Radstock property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Radstock with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not lend on a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the remaining lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to remortgage your Radstock home.

Why use us for your lease extension in Radstock?

Regardless of whether you are a tenant or a landlord in Radstock,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Radstock valuers.

Radstock Lease Extension Case Studies:

Rebecca, Radstock, North Somerset,

After lengthy correspondence with the freeholder of her leasehold apartment in Radstock, Rebecca commenced the lease extension process as the 80 year mark was fast approaching. The transaction completed in May 2005. The freeholder’s costs were negotiated to below 650 pounds.

Radstock case:

Mr and Mrs. R Brooks bought a studio apartment in Radstock in June 1997. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Similar flats in Radstock with 100 year plus lease were valued about £227,800. The mid-range ground rent payable was £45 collected annually. The lease finished on 26 August 2091. Taking into account 65 years unexpired we calculated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus expenses.

Radstock case:

In 2013 we were called by Mr and Mrs. M David who, having bought a recently refurbished flat in Radstock in July 2005. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparative properties in Radstock with a long lease were valued about £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease ran out in 2102. Given that there were 76 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.