Why you should start your Tisbury lease extension

Main reasons to start your Tisbury lease extension today:

Increase your lease and increase your Tisbury property value

The only way is down when it comes to Tisbury lease terms. Tisbury properties that have a lease term less than than 80 years will reduce in value even faster, and the cost to extend your lease will rise.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Tisbury?

Irrespective of whether you are a tenant or a freeholder in Tisbury,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Tisbury valuers.

Tisbury Lease Extension Case Studies:

Erin, Tisbury, Wiltshire,

In the wake of 6 months of lengthy discussions with the landlord of her studio apartment in Tisbury, Erin commenced the lease extension process just as her lease was nearing the critical eighty-year mark. The transaction was concluded in August 2011. The freeholder’s costs were negotiated to a tad over five hundred GBP.

Tisbury case:

Dr P Bailey owned a first floor flat in Tisbury in February 2008. The dilemma was if we could approximate the premium would be for a ninety year lease extension. Comparable residencies in Tisbury with 100 year plus lease were valued about £255,000. The average amount of ground rent was £50 collected yearly. The lease expired on 18 February 2097. Having 71 years outstanding we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Tisbury case:

Last November we were phoned by Ms L Rodríguez , who completed a recently refurbished apartment in Tisbury in January 1999. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparative properties in Tisbury with a long lease were valued about £254,200. The average ground rent payable was £60 collected quarterly. The lease came to a finish in 2077. Taking into account 51 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus legals.