Why you should start your 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.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in South Petherton and Lambrook can extend the lease for an additional 90 years in accordance with the 1993 Leasehold Reform Act. Please give careful consideration before delaying your South Petherton and Lambrook lease extension. Shelving that expense today simply escalates the amount you will ultimately be required to pay to extend the lease.

South Petherton and Lambrook property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This will be problematic once you wish to market or remortgage your flat as it will be practically unmortgageable. Even though you may not have an immediate plan to sell but when you do your purchaser must wait a couple of years before they can exercise the right to a an extension to the lease.

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

Using our service will provide you better control over the value of your South Petherton and Lambrook leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

South Petherton and Lambrook Lease Extension Case Studies:

Dylan, South Petherton and Lambrook, Somerset

Two years ago Dylan, started to get near to the 80-year threshold with the lease on his purpose- built flat in South Petherton and Lambrook. In buying his home two decades ago, the lease term was of no bearing. As luck would have it, he realised he would imminently be paying an escalated premium for a lease extension. Dylan arranged for a lease extension at the eleventh hour last June. Dylan and the freeholder subsequently agreed on a premium of £5,000 . If the lease had slid below 80 years, the figure would have gone up by a minimum £950.

South Petherton and Lambrook case:

Last Christmas we were phoned by Ms Erin Davies , who completed a one bedroom flat in South Petherton and Lambrook in September 2011. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Identical residencies in South Petherton and Lambrook with a long lease were worth £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease finished in 2101. Given that there were 75 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.

South Petherton and Lambrook case:

Mr B Wood moved into a first floor apartment in South Petherton and Lambrook in April 2009. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Identical homes in South Petherton and Lambrook with 100 year plus lease were in the region of £250,400. The average amount of ground rent was £65 collected annually. The lease elapsed on 4 June 2090. Taking into account 64 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £19,000 and £22,000 not including professional charges.