Main reasons to commence your Thornhill lease extension

Main reasons to commence your Thornhill lease extension today:

Increase your lease and increase your Thornhill property value

Thornhill leases on domestic deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Thornhill will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain cases you may not be entitled. There are prescribed timetables and steps to follow once the process has commenced so it’s best to be guided by a conveyancer during the process.

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

Leasehold residencies in Thornhill with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

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

Mortgage companies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As many flats in Thornhill were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Thornhill?

Retaining our service will provide you increased control over the value of your Thornhill leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Thornhill Lease Extension Case Studies:

Francesca, Thornhill, Cardiff,

Following protracted negotiations with the freeholder of her basement flat in Thornhill, Francesca started the lease extension process just as the lease was approaching the critical eighty-year deadline. The legal work was concluded in September 2007. The landlord’s fees were restricted to under 600 GBP.

Thornhill case:

Dr D García acquired a one bedroom flat in Thornhill in May 2004. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Similar residencies in Thornhill with an extended lease were in the region of £174,200. The average ground rent payable was £55 invoiced per annum. The lease lapsed in 2077. Given that there were 51 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of expenses.

Thornhill case:

In 2011 we were phoned by Mr and Mrs. L Bell who, having moved into a purpose-built apartment in Thornhill in May 2004. The question was if we could estimate the premium would likely be to extend the lease by ninety years. Comparable flats in Thornhill with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £45 billed per annum. The lease ended in 2097. Having 71 years unexpired we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.