Main reasons to commence your Southville lease extension

Main reasons to commence your Southville lease extension today:

A Southville leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Southville is a wasting asset as a result of the shortening lease. If the residual term has, in excess of 99 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should extend the lease sooner rather than later. Most flat owners in Southville will qualify for this right; nevertheless a lawyer can advise if you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Southville property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Mortgage companies are really clamping down as regards to homes in Southville with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus restricting the amount of potential buyers.

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

Regardless of whether you are a tenant or a freeholder in Southville,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Southville valuers.

Southville Lease Extension Example Cases:

Elizabeth, Southville, Bristol,

After lengthy correspondence with the landlord of her basement apartment in Southville, Elizabeth initiated the lease extension process just as the lease was approaching the critical eighty-year threshold. The lease extension completed in October 2009. The landlord’s fees were kept to an absolute minimum.

Southville case:

In 2013 we were approached by Mr Austin Cook who, having completed a recently refurbished apartment in Southville in November 2012. The question was if we could estimate the premium would be to prolong the lease by an additional years. Comparable properties in Southville with 100 year plus lease were in the region of £186,000. The average ground rent payable was £65 invoiced quarterly. The lease ended on 12 April 2084. Given that there were 58 years unexpired we approximated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including professional charges.

Southville case:

In 2012 we were approached by Mr and Mrs. Y Peterson who, having owned a purpose-built apartment in Southville in February 2011. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable homes in Southville with an extended lease were worth £250,000. The average amount of ground rent was £50 billed every twelve months. The lease ended on 3 March 2095. Considering the 69 years unexpired we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.