Top reasons for Thornhill lease extension

Main reasons to commence your Thornhill lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Thornhill. Inevitably, the term of lease remaining reduces as time goes by. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Qualifying leaseholders in Thornhill have the legal entitlement to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. You should give due consideration before delaying your Thornhill lease extension. Holding off the cost now likely increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold properties in Thornhill with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders may decide not to lend on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to buy your property in the future might well do, so where they can't obtain a mortgage, then the value of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Thornhill lease extensions?

Lease extensions in Thornhill can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Thornhill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thornhill Lease Extension Example Cases:

Chelsea, Thornhill, Cardiff,

Subsequent to protracted negotiations with the landlord of her one bedroom flat in Thornhill, Chelsea started the lease extension process as the eighty year mark was quickly coming. The transaction completed in September 2011. The landlord’s fees were restricted to approximately six hundred pounds.

Thornhill case:

Mr and Mrs. I Sharif completed a purpose-built flat in Thornhill in April 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Thornhill with a long lease were valued about £218,400. The average ground rent payable was £60 collected yearly. The lease lapsed in 2085. Given that there were 59 years unexpired we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of legals.

Thornhill case:

In 2009 we were e-mailed by Mr H Young who, having was assigned a lease of a garden apartment in Thornhill in November 1996. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Thornhill with a long lease were worth £205,000. The average ground rent payable was £50 invoiced yearly. The lease expired in 2105. Given that there were 79 years outstanding we approximated the premium to the landlord for the lease extension to be within £7,600 and £8,800 plus legals.