Why you should start your Rocester lease extension

Top reasons for lease extension now:

Increase your lease and increase your Rocester property value

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Rocester with over 100 years left on the lease are often regarded as a ‘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 reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties when you need to market or refinance your property as it will be practically unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser must hold off for two years before they can exercise the right to a a lease extension.

What makes us experts in Rocester lease extensions?

Using our service gives you better control over the value of your Rocester leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rocester Lease Extension Case Studies:

Gemma, Rocester, Staffordshire,

Subsequent to lengthy discussions with the landlord of her purpose-built flat in Rocester, Gemma initiated the lease extension process just as the lease was approaching the critical eighty-year mark. The lease extension was concluded in September 2012. The freeholder’s charges were kept to an absolute minimum.

Rocester case:

Dr T Taylor owned a one bedroom apartment in Rocester in October 2007. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative premises in Rocester with a long lease were valued about £218,000. The mid-range ground rent payable was £45 collected annually. The lease ran out in 2089. Given that there were 63 years left we approximated the premium to the landlord to extend the lease to be within £17,100 and £19,800 plus costs.

Rocester case:

Last Spring we were phoned by Ms B Baker , who moved into a garden flat in Rocester in October 2012. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable homes in Rocester with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 billed monthly. The lease expiry date was in 2100. Considering the 74 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.