Top reasons for Romsley lease extension

Main reasons to commence your Romsley lease extension today:

Increase your lease and increase your Romsley property value

Romsley leases on residential deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to be in place before the term of the existing lease drops under eighty years - otherwise a higher amount will be payable. Leasehold owners in Romsley will usually be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some situations you may not qualify. There are prescribed timetables and procedures to follow once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

Romsley property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in Romsley with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the amount of potential buyers.

Why use us for your lease extension in Romsley?

Using our service will provide you increased control over the value of your Romsley leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Romsley Lease Extension Example Cases:

Finn, Romsley, Worcestershire

Half a year ago Finn, started to get close to the eighty-year mark with the lease on his two bedroom flat in Romsley. Having purchased his property two decades ago, the lease term was of minimal relevance. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Finn extended the lease just in the nick of time last July. Finn and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have increased by a minimum £1,000.

Romsley case:

Mr Harry Lewis acquired a garden apartment in Romsley in March 1999. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Romsley with a long lease were worth £255,000. The average ground rent payable was £50 invoiced quarterly. The lease elapsed in 2097. Taking into account 71 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.

Romsley case:

Ms T Petit was assigned a lease of a studio flat in Romsley in August 2008. The dilemma was if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Similar homes in Romsley with a long lease were worth £254,200. The average ground rent payable was £60 invoiced per annum. The lease elapsed in 2077. Considering the 51 years left we estimated the compensation to the landlord to extend the lease to be between £43,700 and £50,600 not including costs.