Main reasons to commence your Stourport On Severn lease extension

Why you should commence your Stourport On Severn lease extension today:

Increase your lease and increase your Stourport On Severn property value

The value of Stourport On Severn leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the remaining term is less than eighty years

Stourport On Severn property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Lenders do not like short residential leases. You most probably experience problems where you need to sell your flat in Stourport On Severn if the remaining term of your lease is less than the criteria set by most mortgage companies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Stourport On Severn?

Lease extensions in Stourport On Severn can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Stourport On Severn lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Stourport On Severn Lease Extension Example Cases:

Alex, Stourport On Severn, Worcestershire

Last year Alex, came precariously close to the 80-year mark with the lease on his studio flat in Stourport On Severn. Having bought his property twenty years ago, the lease term was of little bearing. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Alex arranged for a lease extension just in the nick of time last September. Alex and the freeholder via the management company eventually settled on an amount of £5,500 . If he failed to meet the deadline, the premium would have increased by at least £925.

Stourport On Severn case:

In 2013 we were e-mailed by Ms Tia Miller who, having acquired a purpose-built apartment in Stourport On Severn in May 1996. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Stourport On Severn with a long lease were valued about £250,000. The average amount of ground rent was £50 billed per annum. The lease ran out on 3 August 2095. Having 69 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 not including costs.

Stourport On Severn case:

In 2011 we were phoned by Dr G Roux who, having moved into a one bedroom apartment in Stourport On Severn in November 1999. The question was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative premises in Stourport On Severn with a long lease were valued about £290,000. The mid-range ground rent payable was £60 collected annually. The lease terminated on 21 November 2106. Considering the 80 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.