Main reasons to start your Tewkesbury lease extension

Main reasons to start your Tewkesbury lease extension today:

A Tewkesbury lease depreciates with the years remaining on the lease.

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 increase substantially once the remaining term is less than eighty years

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

Leasehold premises in Tewkesbury with over one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lenders are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. Given that many flats in Tewkesbury were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Tewkesbury?

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

Tewkesbury Lease Extension Example Cases:

Yasmin, Tewkesbury, Gloucestershire,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her leasehold apartment in Tewkesbury, Yasmin initiated the lease extension process as the 80 year deadline was fast advancing. The transaction was finalised in November 2014. The freeholder’s costs were kept to an absolute minimum.

Tewkesbury case:

Dr Henry Adams purchased a garden apartment in Tewkesbury in July 1996. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical properties in Tewkesbury with a long lease were worth £285,000. The average ground rent payable was £45 collected per annum. The lease came to a finish in 2097. Considering the 71 years unexpired we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.

Tewkesbury case:

Last Winter we were approach by Mr and Mrs. C Dupont , who acquired a one bedroom apartment in Tewkesbury in June 2008. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar flats in Tewkesbury with a long lease were in the region of £225,800. The mid-range amount of ground rent was £60 billed quarterly. The lease end date was on 10 May 2086. Given that there were 60 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £24,700 and £28,600 plus expenses.