Top reasons for Montpelier lease extension

Why you should commence your Montpelier lease extension today:

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

Montpelier residential property owned on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Mortgage lenders may not grant a mortgage on a short lease

The trend since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. In the past mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Montpelier?

Retaining our service will provide you better control over the value of your Montpelier leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Montpelier Lease Extension Case Studies:

Melissa, Montpelier, Bristol,

Trailing unsuccessful correspondence with the landlord of her leasehold apartment in Montpelier, Melissa commenced the lease extension process as the eighty year mark was fast advancing. The legal work was finalised in November 2010. The landlord’s charges were kept to an absolute minimum.

Montpelier case:

Last Autumn we were approach by Mr and Mrs. F Jackson , who took over the lease of a one bedroom flat in Montpelier in April 1999. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative homes in Montpelier with 100 year plus lease were in the region of £257,800. The average ground rent payable was £65 billed annually. The lease expired in 2091. Considering the 65 years unexpired we calculated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of legals.

Montpelier case:

Last May we were contacted by Dr V Lambert , who was assigned a lease of a garden apartment in Montpelier in June 2000. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by a further 90 years. Identical homes in Montpelier with an extended lease were in the region of £196,400. The mid-range amount of ground rent was £55 invoiced per annum. The lease ran out on 6 October 2080. Taking into account 54 years remaining we estimated the compensation to the freeholder for the lease extension to be within £35,200 and £40,600 plus costs.