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 residential property held on a long lease is a depreciating asset because a 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 residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may not loan monies on a short lease

Many banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Montpelier property becoming difficult to dispose of or refinance.

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

Lease extensions in Montpelier can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Montpelier lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Montpelier Lease Extension Example Cases:

Jodie, Montpelier, Bristol,

In the wake of eight months of protracted negotiations with the freeholder of her one bedroom apartment in Montpelier, Jodie initiated the lease extension process as the eighty year threshold was fast advancing. The transaction was concluded in October 2011. The freeholder’s fees were kept to an absolute minimum.

Montpelier case:

In 2013 we were called by Mrs Caitlin Mitchell who, having acquired a newly refurbished flat in Montpelier in July 2005. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Identical properties in Montpelier with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease lapsed on 18 April 2095. Taking into account 69 years left we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.

Montpelier case:

Mr L Rivera completed a basement apartment in Montpelier in January 2005. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar premises in Montpelier with a long lease were valued around £216,000. The average amount of ground rent was £60 collected every twelve months. The lease terminated in 2084. Considering the 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of fees.