Why you should commence your Sandbanks lease extension

Top reasons for lease extension now:

Increase your lease and increase your Sandbanks property value

The nearer a residential lease in Sandbanks nears to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, more than 125 years to run then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Sandbanks will qualify for this right; that being said a conveyancing solicitor can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Sandbanks with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not loan monies with a short lease

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are deemed to be insufficient security.

What makes us experts in Sandbanks lease extensions?

Irrespective of whether you are a tenant or a freeholder in Sandbanks,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Sandbanks valuers.

Sandbanks Lease Extension Example Cases:

Samuel, Sandbanks, Dorset

18 months ago Samuel, started to get near to the 80-year mark with the lease on his purpose- built flat in Sandbanks. In buying his flat twenty years ago, the unexpired term was of no relevance. As luck would have it, he recognised he needed to take action soon on a lease extension. Samuel arranged for a lease extension just under the wire last March. Samuel and the landlord in the end settled on a premium of £5,500 . If he failed to meet the deadline, the premium would have increased by a minimum £925.

Sandbanks case:

Dr Chelsea Torres moved into a recently refurbished apartment in Sandbanks in January 2003. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar residencies in Sandbanks with 100 year plus lease were in the region of £235,200. The mid-range amount of ground rent was £45 invoiced monthly. The lease concluded in 2092. Given that there were 66 years left we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus professional charges.

Sandbanks case:

Mr and Mrs. W Dupont took over the lease of a one bedroom apartment in Sandbanks in April 2006. We are asked if we could approximate the price could be to extend the lease by 90 years. Comparable properties in Sandbanks with an extended lease were valued about £280,000. The mid-range amount of ground rent was £55 invoiced annually. The lease lapsed on 18 April 2103. Considering the 77 years left we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.