Main reasons to commence your Bournemouth lease extension

Main reasons to start your Bournemouth lease extension today:

Increase your lease and increase your Bournemouth property value

For anyone whose Bournemouth flat is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This may cause difficulties as and when you need to dispose of or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent intention to sell but when you do your purchaser must hold off for a couple of years before being able to exercise the right to a an extension to the lease.

What makes us experts in Bournemouth lease extensions?

Irrespective of whether you are a tenant or a landlord in Bournemouth,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bournemouth valuers.

Bournemouth Lease Extension Example Cases:

Morgan, Bournemouth, Dorset,

In the wake of 9 months of protracted discussions with the landlord of her studio apartment in Bournemouth, Morgan initiated the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The legal work was concluded in June 2011. The freeholder’s charges were restricted to under 650 GBP.

Bournemouth case:

In 2011 we were called by Mr and Mrs. J Phillips who, having purchased a purpose-built flat in Bournemouth in June 2000. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Identical flats in Bournemouth with a long lease were worth £250,000. The mid-range ground rent payable was £50 billed quarterly. The lease ran out in 2094. Having 68 years left we calculated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 exclusive of fees.

Bournemouth case:

In 2010 we were e-mailed by Mr and Mrs. O Hernández who, having bought a one bedroom flat in Bournemouth in March 2012. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Identical properties in Bournemouth with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 collected monthly. The lease elapsed in 2105. Given that there were 79 years left we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 not including fees.