Why you should commence your Westonzoyland lease extension

Main reasons to commence your Westonzoyland lease extension today:

Increase your lease and increase your Westonzoyland property value

The market value of a leasehold property in Westonzoyland depends on how many years the lease has remaining. If it is close to or fewer than eighty years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be addressed well before the eighty year mark. Current legislation entitles Westonzoyland qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is generally considered that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Lending institutions have specific criteria when lending monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term falls below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Westonzoyland home.

Get in touch with one of our Westonzoyland lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you increased control over the value of your Westonzoyland leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Westonzoyland Lease Extension Case Studies:

Hollie, Westonzoyland, Somerset,

Subsequent to lengthy correspondence with the landlord of her one bedroom flat in Westonzoyland, Hollie initiated the lease extension process just as her lease was nearing the crucial eighty-year threshold. The legal work was finalised in March 2005. The landlord’s fees were kept to an absolute minimum.

Westonzoyland case:

Dr H Laurent acquired a basement apartment in Westonzoyland in October 2008. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Comparative properties in Westonzoyland with a long lease were valued around £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease lapsed on 25 April 2102. Considering the 76 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus legals.

Westonzoyland case:

In 2010 we were called by Dr G Garcia who, having owned a one bedroom apartment in Westonzoyland in January 2002. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Similar residencies in Westonzoyland with a long lease were worth £176,200. The average ground rent payable was £65 collected every twelve months. The lease elapsed on 6 November 2082. Considering the 56 years unexpired we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 not including fees.