Top reasons for Sneyd Park lease extension

Main reasons to commence your Sneyd Park lease extension today:

Increase your lease and increase your Sneyd Park property value

With a residential leasehold premises in Sneyd Park, you are actually buying an entitlement to reside in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive especially when there are less than eighty years left. Leasehold owners in Sneyd Park with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. When a lease has under eighty years outstanding, under the relevant legislation the freeholder can calculate and demand a greater amount, based on a technical computation, known as “marriage value” which is payable.

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

Leasehold residencies in Sneyd Park with more than one hundred years outstanding on the lease are sometimes regarded as a ‘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 buying the freehold unless savings on ground rent and estate charges warrant it.

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

Mortgage companies are inclined not grant a mortgage on short residential leases. You most probably experience problems if you want to sell your flat in Sneyd Park if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have different requirements but generally they are looking for an unexpired term of at least 65 years.

What makes us experts in Sneyd Park lease extensions?

Retaining our service will provide you better control over the value of your Sneyd Park leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Sneyd Park Lease Extension Case Summaries:

Isabelle, Sneyd Park, Bristol,

Trailing protracted correspondence with the freeholder of her first floor apartment in Sneyd Park, Isabelle initiated the lease extension process as the 80 year threshold was fast nearing. The legal work completed in March 2009. The landlord’s charges were kept to an absolute minimum.

Sneyd Park case:

Mr and Mrs. Y Cooper bought a basement flat in Sneyd Park in August 2008. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative properties in Sneyd Park with 100 year plus lease were worth £218,400. The average amount of ground rent was £60 invoiced per annum. The lease finished on 15 August 2085. Given that there were 59 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including legals.

Sneyd Park case:

Ms E Thompson took over the lease of a basement flat in Sneyd Park in October 2000. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Identical properties in Sneyd Park with an extended lease were in the region of £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease ran out in 2105. Given that there were 79 years outstanding we estimated the compensation to the landlord for the lease extension to be within £7,600 and £8,800 exclusive of expenses.