Top reasons for South Petherton and Lambrook lease extension

Main reasons to start your South Petherton and Lambrook lease extension today:

Increase your lease and increase your South Petherton and Lambrook property value

The value of South Petherton and Lambrook leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than 80 years

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

Leasehold premises in South Petherton and Lambrook with over one hundred years remaining on the lease are often 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 upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in South Petherton and Lambrook were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our South Petherton and Lambrook lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure South Petherton and Lambrook 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.

South Petherton and Lambrook Lease Extension Example Cases:

Rory, South Petherton and Lambrook, Somerset

Half a year ago Rory, started to get near to the 80-year threshold with the lease on his leasehold flat in South Petherton and Lambrook. In buying his home 18 years previously, the unexpired term was of little significance. Fortunately, he noticed he needed to take steps soon on Extending the lease. Rory arranged for a lease extension just in the nick of time in August. Rory and the landlord eventually agreed on the final figure of £5,000 . If the lease had dipped to less than eighty years, the sum would have increased by a minimum £875.

South Petherton and Lambrook case:

In 2010 we were called by Mr and Mrs. N Bell who, having took over the lease of a purpose-built flat in South Petherton and Lambrook in October 2004. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable flats in South Petherton and Lambrook with 100 year plus lease were in the region of £189,000. The mid-range amount of ground rent was £55 collected quarterly. The lease ran out in 2078. Considering the 53 years remaining we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including legals.

South Petherton and Lambrook case:

Mr N Bennett was assigned a lease of a garden flat in South Petherton and Lambrook in March 2005. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year lease extension. Comparable properties in South Petherton and Lambrook with 100 year plus lease were in the region of £290,000. The average amount of ground rent was £45 billed quarterly. The lease expired on 15 February 2098. Considering the 73 years remaining we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of expenses.