Why you should start your Shrewton lease extension

Main reasons to commence your Shrewton lease extension today:

A Shrewton leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Shrewton. Clearly, the period of lease left reduces over time. This is often ignored and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Shrewton have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. You should give due consideration before putting off your Shrewton lease extension. Putting off that expense now only increases the price you will eventually incur for a lease extension

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property on a short lease

Get in touch with one of our Shrewton lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Shrewton,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shrewton valuers.

Shrewton Lease Extension Example Cases:

Samuel, Shrewton, Wiltshire,

Samuel was the the leasehold proprietor of a 2 bedroom apartment in Shrewton being sold with a lease of fraction over 61 years remaining. Samuel on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Samuel to invoke his statutory right. Samuel obtained expert advice and secured an acceptable resolution informally and readily saleable.

Shrewton case:

In 2012 we were contacted by Mr and Mrs. G Harris who, having moved into a purpose-built flat in Shrewton in May 2008. The question was if we could shed any light on how much (roughly) premium could be for a 90 year lease extension. Identical properties in Shrewton with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 collected annually. The lease elapsed in 2105. Considering the 79 years left we estimated the premium to the freeholder to extend the lease to be within £7,600 and £8,800 plus professional charges.

Shrewton case:

Mr and Mrs. N Turner took over the lease of a first floor apartment in Shrewton in October 1999. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable properties in Shrewton with 100 year plus lease were in the region of £270,000. The average ground rent payable was £65 collected yearly. The lease ran out on 23 November 2094. Having 68 years left we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.