Why you should commence your Winterbourne lease extension

Top reasons for lease extension now:

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

Winterbourne leases on domestic properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start paying an additional element called marriage value. Leasehold owners in Winterbourne will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

Winterbourne property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Winterbourne with more than 100 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 home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not issue a mortgage on a short lease

Lenders are really clamping down as regards to homes in Winterbourne with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing your market.

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

Lease extensions in Winterbourne can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in this area.

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 dealing with 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 Example Cases:

Phoebe, Winterbourne, Gloucestershire,

Following lengthy negotiations with the landlord of her one bedroom flat in Winterbourne, Phoebe initiated the lease extension process just as her lease was approaching the critical eighty-year mark. The transaction completed in August 2012. The freeholder’s charges were restricted to approximately 550 pounds.

Winterbourne case:

Ms Abigail Fournier bought a newly refurbished flat in Winterbourne in January 2004. The question was if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical premises in Winterbourne with an extended lease were worth £225,800. The mid-range ground rent payable was £60 invoiced monthly. The lease ran out on 4 July 2086. Given that there were 60 years left we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 exclusive of costs.

Winterbourne case:

Ms Yasmin Roux purchased a ground floor apartment in Winterbourne in March 2009. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable flats in Winterbourne with an extended lease were worth £210,000. The mid-range ground rent payable was £50 billed per annum. The lease ran out on 25 February 2106. Having 80 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of professional charges.