Top reasons for Southville lease extension

Why you should commence your Southville lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Southville can extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give careful consideration before delaying your Southville lease extension. Postponing that expense today simply escalates the price you will ultimately have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage companies are really restricting their approach as regards to homes in Southville with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the amount of prospective buyers.

Why use us for your lease extension in Southville?

The conveyancers that we work with undertake Southville 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 conveyancer we work with provide it.

Southville Lease Extension Example Cases:

Jonathan, Southville, Bristol

16 months ago Jonathan, started to get near to the eighty-year threshold with the lease on his leasehold flat in Southville. Having bought his flat 18 years ago, the unexpired term was of little bearing. Fortunately, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Jonathan arranged for a lease extension just ahead of time last March. Jonathan and the landlord ultimately settled on an amount of £5,500 . If he failed to meet the deadline, the sum would have become more exhorbitant by at least £1,000.

Southville case:

Last Autumn we were approach by Ms M Rose , who bought a one bedroom apartment in Southville in May 2012. We are asked if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Identical flats in Southville with an extended lease were in the region of £275,000. The average ground rent payable was £55 collected quarterly. The lease elapsed on 13 January 2103. Considering the 77 years left we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus professional charges.

Southville case:

Last month we were called by Ms G Roux , who bought a purpose-built apartment in Southville in June 1995. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparative residencies in Southville with 100 year plus lease were worth £183,600. The mid-range ground rent payable was £65 collected per annum. The lease termination date was on 24 March 2083. Considering the 57 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus costs.