Main reasons to start your Whitchurch lease extension

Top reasons for lease extension now:

Increase your lease and increase your Whitchurch property value

The 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 extending the lease can escalate materialy once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will cause difficulties as and when you need to dispose of or remortgage your property as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer will have to wait 2 years before being able to commence the legal procedures for an extension to the lease.

What makes us experts in Whitchurch lease extensions?

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

Whitchurch Lease Extension Case Studies:

Morgan, Whitchurch, Bristol,

After lengthy discussions with the landlord of her studio flat in Whitchurch, Morgan started the lease extension process as the 80 year threshold was rapidly advancing. The lease extension completed in March 2006. The freeholder’s charges were restricted to approximately 700 pounds.

Whitchurch case:

Mr and Mrs. D King moved into a one bedroom flat in Whitchurch in October 2011. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative homes in Whitchurch with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 invoiced annually. The lease finished on 17 February 2097. Considering the 71 years remaining we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including expenses.

Whitchurch case:

In 2014 we were called by Mr and Mrs. C Gunderson who, having bought a one bedroom apartment in Whitchurch in May 2009. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparative homes in Whitchurch with 100 year plus lease were worth £254,200. The mid-range amount of ground rent was £60 billed quarterly. The lease ended in 2077. Considering the 51 years as a residual term we estimated the premium to the landlord to extend the lease to be between £43,700 and £50,600 exclusive of costs.