Main reasons to commence your Winterbourne lease extension

Top reasons for lease extension now:

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

Winterbourne residential property owned on a long lease is a depreciating asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Winterbourne with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

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

Lenders are really restricting their approach as regards to properties in Winterbourne with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

What makes us experts in Winterbourne lease extensions?

Lease extensions in Winterbourne can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Winterbourne lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Winterbourne Lease Extension Case Studies:

Charlotte, Winterbourne, Gloucestershire,

In the wake of 9 months of protracted negotiations with the freeholder of her two bedroom apartment in Winterbourne, Charlotte started the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work was concluded in February 2012. The landlord’s costs were kept to an absolute minimum.

Winterbourne case:

Last Autumn we were called by Mr Ibrahim Morris , who took over the lease of a ground floor apartment in Winterbourne in May 1998. The question was if we could approximate the premium could be to prolong the lease by a further 90 years. Similar flats in Winterbourne with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 billed every twelve months. The lease came to a finish on 9 October 2078. Given that there were 52 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including fees.

Winterbourne case:

In 2014 we were called by Mr and Mrs. B White who, having acquired a basement flat in Winterbourne in July 1998. The dilemma was if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Similar residencies in Winterbourne with a long lease were worth £285,000. The average amount of ground rent was £45 invoiced every twelve months. The lease ended on 13 October 2098. Given that there were 72 years remaining we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus expenses.