Main reasons to commence your Ross On Wye lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ross On Wye property value

Ross On Wye leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Ross On Wye tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Ross On Wye you should see if your lease has between 70 and ninety years left. There are good reasons why a Ross On Wye flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Ross On Wye with in excess of 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property on a short lease

Lending institutions have specific criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes below a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Ross On Wye home.

Get in touch with one of our Ross On Wye lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Ross On Wye lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Ross On Wye Lease Extension Case Summaries:

Reuben, Ross On Wye, Hertfordshire

Last Christmas Reuben, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Ross On Wye. In buying his home 18 years ago, the lease term was of little importance. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Reuben was able to extend his lease at the eleventh hour last April. Reuben and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If he had missed the deadline, the amount would have increased by a minimum £925.

Ross On Wye case:

Last Christmas we were phoned by Mr and Mrs. S Martinez , who was assigned a lease of a garden flat in Ross On Wye in March 2010. The dilemma was if we could estimate the price would likely be for a ninety year lease extension. Similar flats in Ross On Wye with a long lease were valued about £257,800. The mid-range ground rent payable was £65 collected per annum. The lease terminated in 2091. Taking into account 65 years remaining we estimated the premium to the landlord for the lease extension to be within £18,100 and £20,800 not including legals.

Ross On Wye case:

Last Summer we were phoned by Mr Ibrahim Baker , who acquired a purpose-built flat in Ross On Wye in March 1995. The question was if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Ross On Wye with a long lease were worth £191,400. The average ground rent payable was £55 billed yearly. The lease came to a finish on 24 April 2080. Given that there were 54 years remaining we calculated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 not including costs.