Why you should start your Ross On Wye lease extension

Main reasons to commence your Ross On Wye lease extension today:

Increase your lease and increase your Ross On Wye property value

For those whose Ross On Wye flat is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Ross On Wye property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the value of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Ross On Wye?

Lease extensions in Ross On Wye can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Ross On Wye lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ross On Wye Lease Extension Case Studies:

Louise, Ross On Wye, Hertfordshire,

In the wake of 9 months of protracted discussions with the freeholder of her studio flat in Ross On Wye, Louise initiated the lease extension process as the 80 year threshold was fast approaching. The lease extension completed in February 2010. The landlord’s charges were restricted to a tad over 650 GBP.

Ross On Wye case:

In 2013 we were phoned by Mr and Mrs. U André who, having took over the lease of a one bedroom flat in Ross On Wye in March 2010. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative residencies in Ross On Wye with a long lease were valued around £290,000. The mid-range ground rent payable was £45 billed monthly. The lease concluded on 3 June 2099. Taking into account 73 years outstanding we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Ross On Wye case:

Last January we were called by Mrs N Morel , who bought a first floor apartment in Ross On Wye in October 2005. The dilemma was if we could estimate the price could be to extend the lease by 90 years. Comparative flats in Ross On Wye with a long lease were valued around £240,600. The mid-range ground rent payable was £60 collected monthly. The lease expired in 2088. Considering the 62 years remaining we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus legals.