Why you should commence your Winterbourne lease extension

Top reasons for lease extension now:

Increase your lease and increase your Winterbourne property value

Winterbourne leases on residential deteriorating in value. if your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Winterbourne will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In certain cases you may not qualify. There are also strict deadlines and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.

Winterbourne property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to properties in Winterbourne with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Winterbourne lease extensions?

Lease extensions in Winterbourne can be a difficult process. We recommend you get professional help from a conveyancer and surveyor 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 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 Case Studies:

Kate, Winterbourne, Gloucestershire,

Following lengthy negotiations with the landlord of her one bedroom apartment in Winterbourne, Kate initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The lease extension completed in August 2006. The landlord’s fees were negotiated to about 650 GBP.

Winterbourne case:

In 2010 we were called by Dr Jasmine Wilson who, having purchased a one bedroom apartment in Winterbourne in February 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Similar premises in Winterbourne with an extended lease were in the region of £250,400. The average amount of ground rent was £65 billed yearly. The lease came to a finish in 2090. Having 64 years remaining we estimated the premium to the freeholder for the lease extension to be between £19,000 and £22,000 not including expenses.

Winterbourne case:

Mrs Emma Carter purchased a first floor flat in Winterbourne in February 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable properties in Winterbourne with 100 year plus lease were valued around £189,000. The average ground rent payable was £55 invoiced monthly. The lease elapsed on 19 November 2079. Considering the 53 years left we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.