Main reasons to commence your Bournemouth lease extension

Why you should commence your Bournemouth lease extension today:

Increase your lease and increase your Bournemouth property value

For anyone whose Bournemouth property is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may be problematic once you come to sell or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Bournemouth?

Lease extensions in Bournemouth can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer 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 in-depth market knowledge procuring Bournemouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bournemouth Lease Extension Case Summaries:

Thomas, Bournemouth, Dorset,

Thomas owned a studio flat in Bournemouth on the market with a lease of just over fifty eight years left. Thomas informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were Thomas to invoke his statutory right. Thomas procured expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Bournemouth case:

In 2013 we were phoned by Mrs G King who, having acquired a studio flat in Bournemouth in October 1996. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Similar flats in Bournemouth with a long lease were valued around £261,600. The average amount of ground rent was £60 invoiced per annum. The lease came to a finish in 2078. Given that there were 52 years unexpired we calculated the premium to the landlord for the lease extension to be between £39,000 and £45,000 not including fees.

Bournemouth case:

Mr and Mrs. W Green completed a recently refurbished apartment in Bournemouth in September 2008. The question was if we could approximate the premium would likely be for a 90 year lease extension. Comparable residencies in Bournemouth with a long lease were valued about £218,000. The average amount of ground rent was £45 invoiced yearly. The lease concluded in 2089. Given that there were 63 years unexpired we approximated the premium to the landlord for the lease extension to be within £17,100 and £19,800 exclusive of costs.