Why you should commence your Weymouth lease extension

Why you should commence your Weymouth lease extension today:

A Weymouth leasehold property depreciates with the years remaining on the lease.

For anyone whose Weymouth home is held on a long lease, the message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

Leasehold premises in Weymouth with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience difficulties where you want to sell your flat in Weymouth if the remaining term of your lease is under the criteria set by most mortgage companies. Different lenders have varying criteria but on the whole they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Weymouth?

Retaining our service will provide you better control over the value of your Weymouth leasehold, as your property will be more valuable and saleable in respect of lease length should you want 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.

Weymouth Lease Extension Case Summaries:

Elizabeth, Weymouth, Dorset,

Trailing unsuccessful correspondence with the freeholder of her two bedroom flat in Weymouth, Elizabeth commenced the lease extension process as the eighty year threshold was swiftly approaching. The lease extension was finalised in April 2008. The landlord’s costs were kept to an absolute minimum.

Weymouth case:

Dr James Wright completed a first floor flat in Weymouth in November 1999. The question was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Weymouth with a long lease were worth £208,200. The average amount of ground rent was £65 collected monthly. The lease ran out in 2087. Taking into account 61 years left we approximated the compensation to the freeholder for the lease extension to be between £20,000 and £23,000 not including expenses.

Weymouth case:

Last Summer we were e-mailed by Mrs Naomi Moore , who owned a first floor flat in Weymouth in January 2000. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Similar premises in Weymouth with 100 year plus lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease lapsed on 20 May 2098. Given that there were 72 years left we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.