Top reasons for Tewkesbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tewkesbury property value

It’s a harsh certainty that a Tewkesbury residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Tewkesbury property prices.Where your lease has approximately 90 years left, you need to start considering a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of leasehold owners in Tewkesbury will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the formalities.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders may decide not to lend on a short lease

Almost all mortgage companies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wishing to purchase your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of the property could be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Tewkesbury lease extensions?

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

Tewkesbury Lease Extension Case Studies:

Cameron, Tewkesbury, Gloucestershire,

Cameron was the the leasehold proprietor of a high value flat in Tewkesbury being marketed with a lease of a few days over 59 years remaining. Cameron on an informal basis approached his freeholder a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension 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. No ground rent would be payable on a lease extension were Cameron to exercise his statutory right. Cameron obtained expert advice and was able to make an informed judgement and deal with the matter and sell the property.

Tewkesbury case:

In 2012 we were e-mailed by Mr Caleb Morel who, having moved into a one bedroom flat in Tewkesbury in May 1999. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative homes in Tewkesbury with an extended lease were valued around £243,000. The mid-range ground rent payable was £65 invoiced yearly. The lease came to a finish in 2089. Considering the 63 years outstanding we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of professional charges.

Tewkesbury case:

In 2009 we were phoned by Mr and Mrs. G Davies who, having took over the lease of a basement flat in Tewkesbury in July 1997. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar residencies in Tewkesbury with a long lease were in the region of £181,600. The average ground rent payable was £55 collected annually. The lease terminated on 7 May 2078. Taking into account 52 years unexpired we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus professional charges.