Top reasons for Thurston lease extension

Why you should start your Thurston lease extension today:

A Thurston leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold premises in Thurston with over one hundred years unexpired on the lease are sometimes 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 reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not loan monies on a short lease

Banks and Building Societies have set criteria when lending monies secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term goes under a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining below seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are intending to remortgage your Thurston home.

Why use us for your lease extension in Thurston?

Lease extensions in Thurston can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor with experience in lease extensions.

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 dealing with Thurston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thurston Lease Extension Case Studies:

Freya, Thurston, Suffolk,

Off the back of lengthy correspondence with the landlord of her leasehold flat in Thurston, Freya started the lease extension process as the 80 year mark was rapidly nearing. The legal work was finalised in January 2007. The freeholder’s costs were negotiated to less than 600 pounds.

Thurston case:

Dr Laura Reed bought a recently refurbished flat in Thurston in November 2012. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative premises in Thurston with 100 year plus lease were worth £191,000. The average amount of ground rent was £65 invoiced yearly. The lease elapsed on 16 June 2084. Given that there were 58 years unexpired we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 plus legals.

Thurston case:

In 2012 we were approached by Mr and Mrs. H Torres who, having acquired a recently refurbished flat in Thurston in February 2005. We are asked if we could estimate the premium would be to prolong the lease by 90 years. Comparable premises in Thurston with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 billed monthly. The lease termination date was in 2095. Taking into account 69 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.