Why you should commence your Turvey lease extension

Why you should start your Turvey lease extension today:

Increase your lease and increase your Turvey property value

Turvey residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

Turvey property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Turvey were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

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

Retaining our service will provide you increased control over the value of your Turvey leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Turvey Lease Extension Example Cases:

Shannon, Turvey, Bedfordshire,

Trailing lengthy correspondence with the freeholder of her ground floor flat in Turvey, Shannon started the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The legal work was concluded in January 2010. The landlord’s charges were negotiated to slightly above 600 GBP.

Turvey case:

In 2014 we were phoned by Dr Harrison Peterson who, having bought a studio apartment in Turvey in April 2006. The question was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Turvey with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £55 invoiced annually. The lease terminated in 2104. Considering the 78 years unexpired we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of legals.

Turvey case:

In 2010 we were phoned by Ms Charlotte Moreau who, having purchased a purpose-built flat in Turvey in February 2011. We are asked if we could estimate the price could be to prolong the lease by 90 years. Similar properties in Turvey with a long lease were in the region of £186,000. The average ground rent payable was £65 collected quarterly. The lease finished on 7 February 2084. Given that there were 58 years left we calculated the premium to the landlord for the lease extension to be between £24,700 and £28,600 plus professional charges.