Top reasons for Studley lease extension

Why you should start your Studley lease extension today:

Increase your lease and increase your Studley property value

The market value of Studley 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 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Studley with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders will not grant a mortgage on a short lease

Banks and Building Societies have set criteria when lending funds secured on leasehold homes. Many will simply not lend at all once the residual lease term goes beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Studley home.

What makes us experts in Studley lease extensions?

The conveyancers that we work with undertake Studley 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.

Studley Lease Extension Example Cases:

Jade, Studley, Warwickshire,

In the wake of 9 months of lengthy discussions with the freeholder of her garden apartment in Studley, Jade started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work was concluded in June 2007. The landlord’s fees were kept to an absolute minimum.

Studley case:

Dr L Gunderson purchased a one bedroom apartment in Studley in September 2002. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Comparable properties in Studley with a long lease were in the region of £257,800. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease terminated on 15 October 2091. Taking into account 65 years outstanding we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 plus legals.

Studley case:

Dr I François was assigned a lease of a one bedroom flat in Studley in July 2005. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Similar properties in Studley with an extended lease were valued about £191,400. The mid-range amount of ground rent was £55 invoiced quarterly. The lease termination date was in 2080. Having 54 years unexpired we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including costs.