Why you should commence your Tunbridge Wells lease extension

Top reasons for lease extension now:

A Tunbridge Wells leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Tunbridge Wells may extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Tunbridge Wells lease extension. Putting off that expense today simply escalates the premium you will eventually be required to pay for a lease extension.

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

Leasehold properties in Tunbridge Wells with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders will not finance a property with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once the remaining lease term goes below a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Tunbridge Wells property.

What makes us experts in Tunbridge Wells lease extensions?

The conveyancers that we work with procure Tunbridge Wells 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 lawyer we work with provide it.

Tunbridge Wells Lease Extension Case Studies:

Shannon, Tunbridge Wells, Kent,

Subsequent to unsuccessful correspondence with the landlord of her purpose-built flat in Tunbridge Wells, Shannon started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work was concluded in April 2008. The landlord’s fees were kept to an absolute minimum.

Tunbridge Wells case:

Mr Noah Campbell moved into a first floor flat in Tunbridge Wells in November 2005. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative premises in Tunbridge Wells with an extended lease were in the region of £235,600. The average amount of ground rent was £60 invoiced monthly. The lease concluded on 19 April 2088. Taking into account 62 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 not including fees.

Tunbridge Wells case:

Dr M Moreau owned a newly refurbished flat in Tunbridge Wells in June 2006. The question was if we could approximate the price would likely be to prolong the lease by an additional years. Identical premises in Tunbridge Wells with a long lease were worth £174,200. The mid-range ground rent payable was £55 invoiced monthly. The lease expired in 2077. Considering the 51 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.