Main reasons to start your Strood lease extension

Main reasons to start your Strood lease extension today:

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

The value of Strood leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the remaining term is below than 80 years

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

Leasehold residencies in Strood with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Strood with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Strood?

Irrespective of whether you are a tenant or a freeholder in Strood,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Strood valuers.

Strood Lease Extension Case Studies:

Joshua, Strood, Kent,

Joshua owned a high value flat in Strood on the market with a lease of just over 72 years outstanding. Joshua on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Joshua to invoke his statutory right. Joshua obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and ending up with a market value flat.

Strood case:

Mrs B Pérez moved into a first floor apartment in Strood in January 2011. The question was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative homes in Strood with a long lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease lapsed in 2103. Considering the 77 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.

Strood case:

Dr Charlie Peterson owned a garden apartment in Strood in January 2003. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Similar residencies in Strood with a long lease were valued about £265,200. The average ground rent payable was £65 invoiced annually. The lease expired on 22 August 2092. Taking into account 66 years unexpired we calculated the premium to the landlord for the lease extension to be within £15,200 and £17,600 not including professional charges.