Why you should start your Turvey lease extension

Top reasons for lease extension now:

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

The value of Turvey 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 remaining term is below than 80 years

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Turvey property being difficult to dispose of or to obtain finance on.

What makes us experts in Turvey lease extensions?

Lease extensions in Turvey can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Turvey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Turvey Lease Extension Example Cases:

George, Turvey, Bedfordshire

Two years ago George, came critically near to the eighty-year mark with the lease on his garden flat in Turvey. In buying his home two decades ago, the lease term was of minimal bearing. Thankfully, he realised he needed to take steps soon on a lease extension. George extended the lease at the eleventh hour last May. George and the landlord who owned the flat above in the end settled on sum of £5,500 . If the lease had dipped lower than eighty years, the price would have gone up by a minimum £1,150.

Turvey case:

Last Summer we were approach by Mr and Mrs. E Lee , who took over the lease of a newly refurbished flat in Turvey in September 2009. We are asked if we could estimate the price would be for a ninety year lease extension. Similar premises in Turvey with an extended lease were in the region of £218,000. The mid-range ground rent payable was £45 invoiced monthly. The lease finished on 20 September 2089. Taking into account 63 years unexpired we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 not including fees.

Turvey case:

In 2014 we were phoned by Mrs Ella Fournier who, having acquired a one bedroom flat in Turvey in April 1996. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparative premises in Turvey with an extended lease were worth £265,000. The mid-range amount of ground rent was £50 invoiced annually. The lease end date was in 2100. Considering the 74 years as a residual term we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.