Why you should start your Tedburn St Mary lease extension

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

Increase your lease and increase your Tedburn St Mary property value

The market value of Tedburn St Mary leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than 80 years

Tedburn St Mary property with a lease extension is almost the same value as a freehold

Leasehold premises in Tedburn St Mary with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to lend on a short lease

Banks and building societies are really restricting their approach as regards to properties in Tedburn St Mary with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus limiting the number of prospective buyers.

Get in touch with one of our Tedburn St Mary lease extension solicitors or enfranchisement solicitors

Lease extensions in Tedburn St Mary can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Tedburn St Mary Lease Extension Case Summaries:

Ali, Tedburn St Mary, Devon

Last October Ali, came critically near to the eighty-year threshold with the lease on his studio flat in Tedburn St Mary. Having bought his home two decades ago, the length of the lease was of minimal concern. Thankfully, he became aware that he needed to take action soon on Extending the lease. Ali arranged for a lease extension at the eleventh hour in August. Ali and the landlord subsequently settled on a premium of £5,000 . If the lease had gone lower than eighty years, the premium would have become more exhorbitant by a minimum £875.

Tedburn St Mary case:

Last Spring we were phoned by Mr Ryan Allen , who purchased a basement flat in Tedburn St Mary in April 2011. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Comparative residencies in Tedburn St Mary with a long lease were in the region of £166,800. The mid-range amount of ground rent was £50 billed per annum. The lease elapsed on 20 April 2076. Considering the 50 years left we approximated the premium to the freeholder for the lease extension to be between £32,300 and £37,400 plus costs.

Tedburn St Mary case:

Last Spring we were contacted by Dr F Mason , who purchased a garden flat in Tedburn St Mary in February 2001. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparable residencies in Tedburn St Mary with a long lease were valued about £280,000. The average amount of ground rent was £45 billed quarterly. The lease ended on 11 September 2096. Taking into account 70 years remaining we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.