Main reasons to start your Tewkesbury lease extension

Why you should commence your Tewkesbury lease extension today:

Increase your lease and increase your Tewkesbury property value

The value of Tewkesbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold premises in Tewkesbury with over one hundred 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 premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies with a short lease

Nearly all mortgage companies insist on a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't secure a mortgage, then the financial worth of your property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Tewkesbury lease extensions?

The conveyancers that we work with handle Tewkesbury 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 conveyancing solicitor we work with provide it.

Tewkesbury Lease Extension Case Studies:

Jessica, Tewkesbury, Gloucestershire,

Subsequent to lengthy discussions with the freeholder of her two bedroom apartment in Tewkesbury, Jessica initiated the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension completed in February 2009. The landlord’s charges were kept to an absolute minimum.

Tewkesbury case:

Last month we were e-mailed by Dr Eleanor Morgan , who completed a purpose-built apartment in Tewkesbury in May 2002. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable residencies in Tewkesbury with 100 year plus lease were in the region of £267,600. The mid-range amount of ground rent was £65 billed monthly. The lease finished on 20 June 2093. Considering the 67 years remaining we approximated the compensation to the freeholder for the lease extension to be within £14,300 and £16,400 not including fees.

Tewkesbury case:

Dr P Garcia completed a studio apartment in Tewkesbury in October 2003. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparative premises in Tewkesbury with an extended lease were in the region of £206,200. The mid-range ground rent payable was £60 collected quarterly. The lease terminated on 7 June 2082. Considering the 56 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including legals.