Why you should start your Tenbury Wells lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tenbury Wells property value

Tenbury Wells leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. The majority of owners of residential leasehold property in Tenbury Wells enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Tenbury Wells you must check if your lease has between 70 and 90 years remaining. There are good reasons why a Tenbury Wells flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is effected without delay

Tenbury Wells property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Tenbury Wells with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Most mortgage lenders insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Tenbury Wells lease extensions?

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

Tenbury Wells Lease Extension Case Studies:

Lily, Tenbury Wells, Worcestershire,

Off the back of protracted discussions with the freeholder of her purpose-built flat in Tenbury Wells, Lily initiated the lease extension process just as her lease was approaching the crucial 80-year deadline. The legal work completed in September 2012. The landlord’s costs were restricted to less than 500 pounds.

Tenbury Wells case:

In 2011 we were phoned by Mr Jayden Mason who, having bought a one bedroom flat in Tenbury Wells in August 2000. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparable properties in Tenbury Wells with a long lease were in the region of £210,600. The mid-range ground rent payable was £45 invoiced yearly. The lease expired in 2088. Having 62 years left we calculated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of legals.

Tenbury Wells case:

In 2010 we were called by Ms Robyn Bennett who, having took over the lease of a basement apartment in Tenbury Wells in May 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Tenbury Wells with an extended lease were in the region of £265,000. The mid-range ground rent payable was £50 billed monthly. The lease came to a finish on 11 August 2099. Taking into account 73 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.