Top reasons for South Brent lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Brent property value

The value of South Brent leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the remaining term is below than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so where they are unable to get a mortgage, then the value of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in South Brent?

Lease extensions in South Brent can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience procuring South Brent lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Brent Lease Extension Example Cases:

George, South Brent, Devon,

George was the the leasehold proprietor of a studio flat in South Brent on the market with a lease of a little over 72 years left. George on an informal basis contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were George to invoke his statutory right. George procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

South Brent case:

Last Autumn we were contacted by Mrs Natasha Díaz , who owned a studio flat in South Brent in July 1999. We are asked if we could estimate the premium could be to extend the lease by ninety years. Comparable premises in South Brent with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease ended in 2098. Taking into account 72 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of costs.

South Brent case:

In 2012 we were phoned by Mrs Imogen Sharif who, having was assigned a lease of a one bedroom flat in South Brent in October 1997. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparable properties in South Brent with a long lease were in the region of £256,600. The mid-range ground rent payable was £60 invoiced monthly. The lease ran out on 19 November 2078. Having 52 years remaining we approximated the compensation to the freeholder to extend the lease to be within £39,000 and £45,000 not including professional charges.