Main reasons to commence your Shrewton lease extension

Main reasons to commence your Shrewton lease extension today:

Increase your lease and increase your Shrewton property value

Unfortunately that a Shrewton residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Shrewton property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of flat owners in Shrewton will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

Shrewton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term slips under a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to refinance your Shrewton home.

What makes us experts in Shrewton lease extensions?

The conveyancers that we work with handle Shrewton 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.

Shrewton Lease Extension Example Cases:

Ben, Shrewton, Wiltshire

Last Summer Ben, started to get close to the 80-year mark with the lease on his first floor apartment in Shrewton. Having bought his property two decades ago, the length of the lease was of minimal interest. Thankfully, it dawned on him that he would imminently be paying an inflated amount for a lease extension. Ben extended the lease just under the wire last March. Ben and the landlord in the end settled on a premium of £5,500 . If he failed to meet the deadline, the figure would have increased by at least £1,050.

Shrewton case:

Dr U Gray completed a ground floor flat in Shrewton in May 2000. The question was if we could approximate the price could be to extend the lease by an additional years. Identical premises in Shrewton with a long lease were valued around £265,200. The average amount of ground rent was £65 invoiced monthly. The lease ended on 15 March 2092. Having 66 years remaining we calculated the compensation to the landlord for the lease extension to be between £15,200 and £17,600 exclusive of fees.

Shrewton case:

Mr and Mrs. B Watson bought a purpose-built apartment in Shrewton in June 2001. We are asked if we could estimate the price could be to prolong the lease by an additional years. Identical premises in Shrewton with a long lease were worth £201,200. The mid-range amount of ground rent was £55 billed annually. The lease lapsed in 2082. Taking into account 56 years left we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus fees.