Top reasons for Montpelier lease extension

Why you should start your Montpelier lease extension today:

Increase your lease and increase your Montpelier property value

Montpelier leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Montpelier enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Montpelier you must investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Montpelier flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is actioned without delay

Montpelier property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Montpelier with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders will not lend with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties if you need to sell your flat in Montpelier if the unexpired term of your lease is under the criteria set by most lenders. Different mortgage companies have different requirements but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Montpelier lease extensions?

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

Montpelier Lease Extension Example Cases:

Georgina, Montpelier, Bristol,

Trailing protracted discussions with the freeholder of her two bedroom flat in Montpelier, Georgina initiated the lease extension process just as her lease was approaching the crucial eighty-year deadline. The legal work was finalised in August 2006. The freeholder’s costs were restricted to less than 450 pounds.

Montpelier case:

In 2012 we were contacted by Mr G Reed who, having acquired a garden apartment in Montpelier in August 2010. The dilemma was if we could estimate the premium would be for a ninety year extension to my lease. Comparable properties in Montpelier with an extended lease were worth £290,000. The average amount of ground rent was £45 invoiced per annum. The lease terminated on 7 September 2099. Taking into account 73 years unexpired we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Montpelier case:

In 2011 we were contacted by Mrs Catherine Cooper who, having completed a purpose-built flat in Montpelier in October 2011. We are asked if we could approximate the premium could be to extend the lease by 90 years. Comparative properties in Montpelier with an extended lease were in the region of £240,600. The mid-range ground rent payable was £65 invoiced annually. The lease terminated on 10 January 2088. Considering the 62 years left we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of expenses.