Top reasons for Nailsworth lease extension

Why you should commence your Nailsworth lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Nailsworth may extend the lease for a further ninety years in accordance with statute. Do give careful consideration before delaying your Nailsworth lease extension. Shelving that expense now simply escalates the premium you will eventually have to pay to extend the lease.

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to finance a property on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as unacceptable security.

What makes us experts in Nailsworth lease extensions?

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

Nailsworth Lease Extension Case Summaries:

Danielle, Nailsworth, Gloucestershire,

Following lengthy negotiations with the freeholder of her basement apartment in Nailsworth, Danielle commenced the lease extension process as the 80 year mark was rapidly approaching. The transaction completed in January 2010. The landlord’s charges were kept to an absolute minimum.

Nailsworth case:

Mr and Mrs. I Sánchez bought a garden flat in Nailsworth in June 2011. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative residencies in Nailsworth with a long lease were valued around £257,800. The mid-range ground rent payable was £65 invoiced monthly. The lease lapsed on 28 May 2091. Given that there were 65 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus professional charges.

Nailsworth case:

Last Autumn we were called by Dr M Mitchell , who was assigned a lease of a one bedroom flat in Nailsworth in October 1997. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in Nailsworth with an extended lease were valued around £191,400. The average amount of ground rent was £55 collected monthly. The lease finished on 3 April 2080. Taking into account 54 years remaining we estimated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of costs.