Main reasons to start your Templecombe lease extension

Main reasons to commence your Templecombe lease extension today:

Increase your lease and increase your Templecombe property value

Chances are that where you own a flat in Templecombe you actually own a long leasehold interest over your property

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

Leasehold premises in Templecombe with in excess of one hundred years unexpired 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Mortgage lenders have set criteria when lending funds charged on leasehold property. Many will simply refrain from lending at all once the residual lease term slips beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Templecombe home.

What makes us experts in Templecombe lease extensions?

Using our service gives you better control over the value of your Templecombe leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Templecombe Lease Extension Case Summaries:

Stanley, Templecombe, Somerset,

Stanley was the the leasehold proprietor of a studio flat in Templecombe being sold with a lease of a few days over 61 years left. Stanley on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Stanley to exercise his statutory right. Stanley procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Templecombe case:

Last Autumn we were called by Ms S Patel , who moved into a garden apartment in Templecombe in February 1996. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Identical homes in Templecombe with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected every twelve months. The lease came to a finish in 2081. Taking into account 55 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus professional charges.

Templecombe case:

Last Winter we were e-mailed by Mr K Cooper , who moved into a one bedroom flat in Templecombe in September 2005. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in Templecombe with an extended lease were valued about £295,000. The average amount of ground rent was £50 collected monthly. The lease ended on 4 April 2101. Taking into account 75 years outstanding we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.