Top reasons for South Petherton and Lambrook lease extension

Why you should start your South Petherton and Lambrook lease extension today:

A South Petherton and Lambrook leasehold property depreciates with the years remaining on the lease.

For anyone whose South Petherton and Lambrook property is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

South Petherton and Lambrook property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not issue a mortgage on a short lease

Banks and building societies are tightening their criteria and many now require flats to have at least sixty if not seventy years left at the end of the mortgage. As a number of flats in South Petherton and Lambrook were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in South Petherton and Lambrook?

Regardless of whether you are a tenant or a freeholder in South Petherton and Lambrook,the lease extension lawyers 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 South Petherton and Lambrook valuers.

South Petherton and Lambrook Lease Extension Case Studies:

Aiden, South Petherton and Lambrook, Somerset,

Aiden was the the leasehold owner of a studio flat in South Petherton and Lambrook on the market with a lease of a few days over 72 years remaining. Aiden on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aiden to exercise his statutory right. Aiden procured expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the flat.

South Petherton and Lambrook case:

Last January we were called by Mr Adam Edwards , who purchased a basement apartment in South Petherton and Lambrook in January 2003. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparable residencies in South Petherton and Lambrook with a long lease were valued around £206,200. The mid-range ground rent payable was £60 invoiced every twelve months. The lease expiry date was on 24 August 2082. Taking into account 56 years left we approximated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of fees.

South Petherton and Lambrook case:

Last Autumn we were contacted by Ms R Patel , who bought a studio apartment in South Petherton and Lambrook in February 2007. The question was if we could estimate the premium would be for a 90 year lease extension. Identical premises in South Petherton and Lambrook with a long lease were worth £300,000. The average ground rent payable was £50 billed quarterly. The lease end date was on 23 October 2102. Taking into account 76 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.