Top reasons for Royal Tunbridge Wells lease extension

Main reasons to start your Royal Tunbridge Wells lease extension today:

A Royal Tunbridge Wells leasehold property depreciates with the years remaining on the lease.

Royal Tunbridge Wells leases on domestic properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Royal Tunbridge Wells will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced so it’s prudent to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Royal Tunbridge Wells with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will be problematic as and when you need to dispose of or remortgage your property as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your purchaser will have to hold off for a couple of years before being able to commence the legal procedures for a lease extension.

Why use us for your lease extension in Royal Tunbridge Wells?

Regardless of whether you are a tenant or a freeholder in Royal Tunbridge Wells,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Royal Tunbridge Wells valuers.

Royal Tunbridge Wells Lease Extension Case Summaries:

Jodie, Royal Tunbridge Wells, Kent,

Following unsuccessful discussions with the freeholder of her ground floor flat in Royal Tunbridge Wells, Jodie commenced the lease extension process just as the lease was nearing the crucial 80-year threshold. The lease extension completed in February 2006. The freeholder’s fees were kept to an absolute minimum.

Royal Tunbridge Wells case:

In 2009 we were contacted by Mr Alex Young who, having took over the lease of a ground floor flat in Royal Tunbridge Wells in April 2003. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Identical residencies in Royal Tunbridge Wells with a long lease were valued about £216,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease expired on 10 October 2084. Given that there were 58 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 plus professional charges.

Royal Tunbridge Wells case:

Dr Adam Harris took over the lease of a garden apartment in Royal Tunbridge Wells in May 1997. The question was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar premises in Royal Tunbridge Wells with an extended lease were in the region of £205,000. The average ground rent payable was £50 billed quarterly. The lease expired in 2104. Considering the 78 years unexpired we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.