Why you should commence your Westbury On Trym lease extension

Main reasons to start your Westbury On Trym lease extension today:

A Westbury On Trym leasehold property depreciates with the years remaining on the lease.

When it comes to long leasehold property in Westbury On Trym, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially when there are less than eighty years remaining. Residents in Westbury On Trym with a lease drawing near to 81 years left should seriously think of extending it sooner than later. When a lease has less than eighty years remaining, under the relevant Act the freeholder is entitled to calculate and charge a greater amount, assessed on a technical computation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Westbury On Trym with in excess of 100 years left on the lease are sometimes 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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Westbury On Trym property becoming difficult to dispose of or to obtain finance on.

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

Irrespective of whether you are a tenant or a freeholder in Westbury On Trym,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Westbury On Trym valuers.

Westbury On Trym Lease Extension Example Cases:

Alisha, Westbury On Trym, Bristol,

Subsequent to unsuccessful correspondence with the landlord of her purpose-built flat in Westbury On Trym, Alisha commenced the lease extension process as the eighty year mark was rapidly nearing. The lease extension was finalised in July 2009. The landlord’s costs were kept to an absolute minimum.

Westbury On Trym case:

In 2014 we were called by Mr and Mrs. J Hill who, having bought a basement flat in Westbury On Trym in May 2011. The question was if we could approximate the compensation to the landlord could be for a ninety year lease extension. Identical residencies in Westbury On Trym with a long lease were worth £290,000. The mid-range amount of ground rent was £45 billed per annum. The lease elapsed on 20 November 2099. Taking into account 73 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.

Westbury On Trym case:

Mrs J Lewis purchased a basement flat in Westbury On Trym in October 2000. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparative homes in Westbury On Trym with 100 year plus lease were in the region of £235,600. The average ground rent payable was £60 invoiced yearly. The lease came to a finish in 2088. Taking into account 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 plus costs.