Main reasons to commence your Whitchurch lease extension

Main reasons to start your Whitchurch lease extension today:

Increase your lease and increase your Whitchurch property value

The market value of Whitchurch leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

Lenders may not loan monies on a short lease

Most banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Whitchurch property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Whitchurch?

Using our service gives you enhanced control over the value of your Whitchurch leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Whitchurch Lease Extension Example Cases:

Jonathan, Whitchurch, Bristol,

Jonathan was the the leasehold owner of a studio flat in Whitchurch being sold with a lease of a little over sixty years left. Jonathan informally approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 per annum. No ground rent would be payable on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert advice and secured an acceptable deal informally and readily saleable.

Whitchurch case:

In 2012 we were phoned by Dr Jamie Green who, having took over the lease of a first floor apartment in Whitchurch in September 1995. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Identical flats in Whitchurch with an extended lease were valued around £218,000. The average amount of ground rent was £45 invoiced every twelve months. The lease ran out on 23 June 2089. Considering the 63 years unexpired we estimated the premium to the freeholder to extend the lease to be between £17,100 and £19,800 not including costs.

Whitchurch case:

Last month we were phoned by Dr Rory Hill , who was assigned a lease of a studio apartment in Whitchurch in February 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable properties in Whitchurch with an extended lease were worth £265,000. The mid-range ground rent payable was £50 collected annually. The lease came to a finish on 21 March 2100. Considering the 74 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.