Top reasons for Timsbury lease extension

Top reasons for lease extension now:

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

Timsbury leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Timsbury residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Timsbury you would be well advised to check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Timsbury flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this could result in your Timsbury property becoming difficult to dispose of or refinance.

Get in touch with one of our Timsbury lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you increased control over the value of your Timsbury leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Timsbury Lease Extension Case Summaries:

Eliot, Timsbury, North Somerset,

Eliot was the the leasehold proprietor of a high value apartment in Timsbury on the market with a lease of fraction over 72 years outstanding. Eliot on an informal basis spoke with his freeholder a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eliot to exercise his statutory right. Eliot procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.

Timsbury case:

Ms I Mercier moved into a purpose-built flat in Timsbury in September 2006. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable flats in Timsbury with 100 year plus lease were valued about £176,200. The mid-range amount of ground rent was £65 invoiced annually. The lease elapsed on 2 February 2082. Taking into account 56 years remaining we calculated the compensation to the landlord to extend the lease to be between £29,500 and £34,000 not including expenses.

Timsbury case:

Last year we were e-mailed by Ms Freya Leroy , who moved into a one bedroom apartment in Timsbury in November 2000. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative premises in Timsbury with an extended lease were worth £235,200. The average amount of ground rent was £45 collected quarterly. The lease came to a finish in 2092. Given that there were 66 years outstanding we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.