Top reasons for Nailsworth lease extension

Top reasons for lease extension now:

A Nailsworth leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Nailsworth may extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Do give careful consideration before delaying your Nailsworth lease extension. Putting off the costs today simply increases the price you will ultimately be required to pay for a lease extension.

An extended lease has roughly the same value as a freehold

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

Mortgage lenders may not lend on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Nailsworth were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Nailsworth?

Lease extensions in Nailsworth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor with experience in this area.

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 Nailsworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Nailsworth Lease Extension Example Cases:

Emily, Nailsworth, Gloucestershire,

After lengthy discussions with the freeholder of her studio flat in Nailsworth, Emily started the lease extension process as the eighty year mark was fast approaching. The transaction completed in May 2008. The freeholder’s fees were kept to an absolute minimum.

Nailsworth case:

In 2009 we were called by Mrs Kayleigh Anderson who, having moved into a basement flat in Nailsworth in October 1996. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Similar premises in Nailsworth with a long lease were valued around £210,000. The average ground rent payable was £50 collected every twelve months. The lease termination date was in 2106. Considering the 80 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.

Nailsworth case:

Dr T King bought a one bedroom flat in Nailsworth in February 2012. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Identical flats in Nailsworth with 100 year plus lease were valued around £275,000. The average ground rent payable was £45 collected annually. The lease came to a finish on 6 September 2095. Having 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.