Why you should start your Parkstone lease extension

Main reasons to start your Parkstone lease extension today:

A Parkstone lease depreciates with the years remaining on the lease.

The only way is down when it comes to Parkstone lease terms. Parkstone flats that have a lease term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not issue a mortgage on a short lease

Banks and building societies are tightening their criteria and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. As plenty of flats in Parkstone were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Parkstone lease extensions?

Retaining our service will provide you enhanced control over the value of your Parkstone leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Parkstone Lease Extension Case Studies:

Rory, Parkstone, Dorset

Last year Rory, came dangerously close to the 80-year threshold with the lease on his garden apartment in Parkstone. Having purchased his home two decades ago, the unexpired term was of no relevance. As luck would have it, he noticed he needed to take steps soon on a lease extension. Rory arranged for a lease extension just in the nick of time last January. Rory and the landlord subsequently agreed on an amount of £5,500 . If the lease had dropped lower than 80 years, the sum would have become more exhorbitant by a minimum £1,150.

Parkstone case:

Last May we were called by Mr and Mrs. P Cook , who bought a newly refurbished flat in Parkstone in February 1999. We are asked if we could estimate the price would be for a 90 year lease extension. Similar premises in Parkstone with an extended lease were worth £208,200. The mid-range amount of ground rent was £65 collected per annum. The lease finished on 16 July 2087. Having 61 years left we estimated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus fees.

Parkstone case:

Mrs O Roux was assigned a lease of a newly refurbished apartment in Parkstone in July 2011. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable residencies in Parkstone with an extended lease were in the region of £260,000. The average amount of ground rent was £50 billed per annum. The lease ran out in 2098. Taking into account 72 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including fees.