Top reasons for Tedburn St Mary lease extension

Why you should commence your Tedburn St Mary lease extension today:

Increase your lease and increase your Tedburn St Mary property value

Tedburn St Mary leases on domestic deteriorating in value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be payable. Leasehold owners in Tedburn St Mary will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In certain situations you may not be entitled. There are also strict timetables and procedures to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.

Tedburn St Mary property with a lease extension has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not lend with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be insufficient for lending purposes.

Why use us for your lease extension in Tedburn St Mary?

The lawyers that we work with undertake Tedburn St Mary lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Tedburn St Mary Lease Extension Example Cases:

Lydia, Tedburn St Mary, Devon,

Following unsuccessful discussions with the landlord of her purpose-built apartment in Tedburn St Mary, Lydia started the lease extension process as the 80 year threshold was fast advancing. The lease extension completed in May 2010. The landlord’s costs were negotiated to approximately four hundred GBP.

Tedburn St Mary case:

Last Christmas we were phoned by Mr and Mrs. K Sánchez , who owned a one bedroom apartment in Tedburn St Mary in January 2009. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparable flats in Tedburn St Mary with a long lease were valued around £216,000. The mid-range ground rent payable was £60 collected annually. The lease terminated in 2084. Taking into account 58 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of legals.

Tedburn St Mary case:

In 2013 we were contacted by Mr B Morgan who, having took over the lease of a studio flat in Tedburn St Mary in August 2011. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar flats in Tedburn St Mary with a long lease were worth £200,000. The average ground rent payable was £50 billed every twelve months. The lease finished in 2104. Having 78 years left we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 not including expenses.