Why you should start your Tunbridge Wells lease extension

Main reasons to commence your Tunbridge Wells lease extension today:

Increase your lease and increase your Tunbridge Wells property value

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

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

Leasehold residencies in Tunbridge Wells with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not issue a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to homes in Tunbridge Wells with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of prospective buyers.

What makes us experts in Tunbridge Wells lease extensions?

Regardless of whether you are a tenant or a freeholder in Tunbridge Wells,the lease extension lawyers 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 Tunbridge Wells valuers.

Tunbridge Wells Lease Extension Example Cases:

Anna, Tunbridge Wells, Kent,

Following lengthy negotiations with the landlord of her garden apartment in Tunbridge Wells, Anna initiated the lease extension process just as her lease was approaching the crucial 80-year threshold. The lease extension was concluded in October 2007. The freeholder’s costs were kept to an absolute minimum.

Tunbridge Wells case:

Mrs Samantha Adams moved into a first floor flat in Tunbridge Wells in July 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by ninety years. Comparative homes in Tunbridge Wells with 100 year plus lease were worth £290,000. The average amount of ground rent was £45 collected per annum. The lease expired on 18 July 2099. Taking into account 73 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

Tunbridge Wells case:

Last month we were phoned by Mr and Mrs. A Thomas , who took over the lease of a one bedroom apartment in Tunbridge Wells in October 1998. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Comparative residencies in Tunbridge Wells with 100 year plus lease were valued around £235,600. The mid-range amount of ground rent was £60 collected quarterly. The lease concluded on 9 January 2088. Taking into account 62 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of legals.