Why you should commence your Westbury On Trym lease extension

Why you should commence your Westbury On Trym lease extension today:

Increase your lease and increase your Westbury On Trym property value

There is no doubt about it a leasehold flat or house in Westbury On Trym is a wasting asset as a result of the diminishing lease term. Where the lease has, more than 125 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Many flat owners in Westbury On Trym will qualify for this right; that being said a lawyer can confirm whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Westbury On Trym property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Given that many flats in Westbury On Trym were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Westbury On Trym?

The lawyers that we work with procure Westbury On Trym 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.

Westbury On Trym Lease Extension Case Studies:

Jennifer, Westbury On Trym, Bristol,

Trailing protracted correspondence with the landlord of her purpose-built apartment in Westbury On Trym, Jennifer started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction was finalised in February 2013. The freeholder’s fees were kept to an absolute minimum.

Westbury On Trym case:

Ms J Clark owned a newly refurbished apartment in Westbury On Trym in May 2010. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Similar residencies in Westbury On Trym with 100 year plus lease were valued around £275,000. The mid-range ground rent payable was £45 invoiced yearly. The lease lapsed on 10 August 2095. Having 69 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.

Westbury On Trym case:

Mrs H Fournier owned a studio flat in Westbury On Trym in March 1995. The dilemma was if we could approximate the price would likely be to prolong the lease by ninety years. Comparative premises in Westbury On Trym with a long lease were valued around £216,000. The mid-range ground rent payable was £60 invoiced monthly. The lease ended on 17 February 2084. Considering the 58 years unexpired we calculated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.