Main reasons to start your St Andrews lease extension

Main reasons to commence your St Andrews lease extension today:

Increase your lease and increase your St Andrews property value

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in St Andrews. Clearly, the length of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in St Andrews have the right to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Please give due consideration before delaying your St Andrews lease extension. Putting off the cost now only increases the price you will ultimately incur for a lease extension

St Andrews property with a lease extension is almost the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This will cause difficulties as and when you come to sell or remortgage your flat as it will be practically unmortgageable. You might have no immediate intention to sell but when you do your buyer will need to wait a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in St Andrews?

Regardless of whether you are a tenant or a freeholder in St Andrews,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 St Andrews valuers.

St Andrews Lease Extension Example Cases:

Jacob, St Andrews, Bristol

Last October Jacob, started to get near to the 80-year mark with the lease on his garden apartment in St Andrews. In buying his flat two decades ago, the lease term was of little concern. by good luck, he recognised he would imminently be paying way over the odds for a lease extension. Jacob was able to extend his lease just ahead of time last September. Jacob and the landlord who owned the flat above subsequently settled on an amount of £6,000 . If the lease had dropped to less than eighty years, the sum would have increased by a minimum £1,050.

St Andrews case:

Last Summer we were approach by Dr L Brooks , who completed a basement flat in St Andrews in August 1999. The question was if we could approximate the price would be to prolong the lease by ninety years. Identical properties in St Andrews with 100 year plus lease were in the region of £191,000. The average ground rent payable was £65 invoiced monthly. The lease termination date was on 23 June 2084. Given that there were 58 years remaining we approximated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 not including costs.

St Andrews case:

Last Summer we were approach by Dr Y Simon , who moved into a one bedroom flat in St Andrews in November 2005. The question was if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative flats in St Andrews with a long lease were valued around £250,000. The average amount of ground rent was £50 invoiced per annum. The lease concluded on 26 February 2095. Taking into account 69 years outstanding we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.