Why you should start your Verwood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Verwood property value

The only way is down when it comes to Verwood lease terms. Verwood flats that have a residual term fewer than eighty years will reduce in market price even faster, and the cost of extending your lease will go up.

Verwood property with a lease extension is almost the same value as a freehold

Leasehold premises in Verwood with in excess of one hundred years left on the lease are sometimes 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 reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may not finance a property with a short lease

Most mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Verwood property being difficult to sell or refinance.

Get in touch with one of our Verwood lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you better control over the value of your Verwood leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Verwood Lease Extension Case Summaries:

Lucas, Verwood, Dorset,

Lucas owned a high value apartment in Verwood on the market with a lease of a little over fifty eight years left. Lucas on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Lucas to invoke his statutory right. Lucas obtained expert advice and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Verwood case:

Last year we were approach by Dr Megan Allen , who completed a garden flat in Verwood in August 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Verwood with a long lease were worth £260,000. The mid-range amount of ground rent was £50 billed per annum. The lease ended on 24 August 2098. Considering the 72 years left we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus costs.

Verwood case:

Last Summer we were contacted by Mr and Mrs. E Gray , who took over the lease of a first floor flat in Verwood in June 2000. We are asked if we could approximate the price would be for a 90 year lease extension. Comparable properties in Verwood with a long lease were valued about £261,600. The average ground rent payable was £60 billed every twelve months. The lease terminated in 2078. Having 52 years left we estimated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 exclusive of costs.