Why you should commence your Somerton lease extension

Main reasons to start your Somerton lease extension today:

Increase your lease and increase your Somerton property value

Somerton residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

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

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years left at the expiry of the mortgage. As a number of flats in Somerton were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

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

Lease extensions in Somerton can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Somerton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Somerton Lease Extension Case Studies:

Elizabeth, Somerton, Somerset,

Subsequent to unsuccessful negotiations with the freeholder of her garden flat in Somerton, Elizabeth initiated the lease extension process as the 80 year threshold was fast coming. The lease extension was finalised in January 2012. The freeholder’s fees were negotiated to a tad over six hundred GBP.

Somerton case:

Dr M Hall purchased a newly refurbished flat in Somerton in May 2002. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative properties in Somerton with an extended lease were in the region of £193,400. The average amount of ground rent was £65 collected yearly. The lease ended in 2085. Taking into account 59 years outstanding we calculated the compensation to the landlord to extend the lease to be between £21,900 and £25,200 plus expenses.

Somerton case:

Last Spring we were contacted by Mr and Mrs. N Roberts , who bought a basement flat in Somerton in July 1995. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical residencies in Somerton with an extended lease were worth £250,000. The mid-range ground rent payable was £50 billed annually. The lease lapsed on 24 July 2096. Given that there were 70 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.