Top reasons for Trowbridge Estate lease extension

Why you should start your Trowbridge Estate lease extension today:

A Trowbridge Estate lease depreciates with the years remaining on the lease.

Trowbridge Estate residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Trowbridge Estate with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Mortgage companies are really clamping down as regards to properties in Trowbridge Estate with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing the number of prospective buyers.

What makes us experts in Trowbridge Estate lease extensions?

The conveyancing solicitors that we work with undertake Trowbridge Estate lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Trowbridge Estate Lease Extension Example Cases:

Kian, Trowbridge Estate, London,

Kian was the the leasehold owner of a conversion flat in Trowbridge Estate on the market with a lease of a few days over 59 years unexpired. Kian on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kian to invoke his statutory right. Kian obtained expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Trowbridge Estate case:

Last Winter we were called by Mr and Mrs. K Flores , who moved into a first floor flat in Trowbridge Estate in May 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Similar homes in Trowbridge Estate with a long lease were in the region of £285,000. The average amount of ground rent was £55 collected annually. The lease finished on 23 June 2105. Taking into account 79 years remaining we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus fees.

Trowbridge Estate case:

In 2011 we were e-mailed by Mr and Mrs. P Bailey who, having acquired a garden flat in Trowbridge Estate in March 2012. The question was if we could estimate the premium could be for a 90 year lease extension. Comparative flats in Trowbridge Estate with a long lease were worth £193,400. The mid-range amount of ground rent was £65 invoiced yearly. The lease ended on 19 May 2085. Taking into account 59 years remaining we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus costs.