Top reasons for St Brides Major lease extension

Main reasons to commence your St Brides Major lease extension today:

A St Brides Major leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to St Brides Major lease terms. St Brides Major leaseholds that have a remaining term less than than eighty years will de-escalate in market price at a rapid rate, and the cost of extending your lease will rise.

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

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

Lending institutions may not loan monies with a short lease

Most high street banks are tightening their criteria and many now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Considering a number of flats in St Brides Major were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in St Brides Major lease extensions?

Engaging our service gives you enhanced control over the value of your St Brides Major leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

St Brides Major Lease Extension Example Cases:

Jude, St Brides Major, Vale Of Glamorgan,

Jude owned a studio flat in St Brides Major being sold with a lease of a little over 72 years unexpired. Jude on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

St Brides Major case:

In 2011 we were called by Dr Leah Baker who, having bought a ground floor apartment in St Brides Major in March 2012. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparable properties in St Brides Major with an extended lease were worth £285,000. The average ground rent payable was £45 billed quarterly. The lease came to a finish in 2098. Considering the 72 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.

St Brides Major case:

Last July we were contacted by Ms C Lambert , who completed a ground floor apartment in St Brides Major in January 1999. We are asked if we could estimate the premium would be for a ninety year lease extension. Identical flats in St Brides Major with a long lease were valued around £233,200. The mid-range ground rent payable was £60 collected every twelve months. The lease terminated in 2087. Taking into account 61 years remaining we estimated the compensation to the landlord to extend the lease to be between £22,800 and £26,400 plus fees.