Main reasons to start your Angmering lease extension

Why you should commence your Angmering lease extension today:

Increase your lease and increase your Angmering property value

Angmering residential property owned on a long lease is a wasting asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to lend on a short lease

Most mortgage lenders insist on a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to purchase your property in the future might well do, so if they can't get a mortgage, then the market price of your property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Angmering?

Lease extensions in Angmering can be a difficult process. We recommend you obtain professional help from a conveyancer 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 in-depth market knowledge procuring Angmering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Angmering Lease Extension Case Studies:

Ollie, Angmering, West Sussex,

Ollie owned a 2 bedroom apartment in Angmering being marketed with a lease of a little over fifty eight years outstanding. Ollie on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Ollie to exercise his statutory right. Ollie obtained expert legal guidance and secured satisfactory deal without going to tribunal and sell the flat.

Angmering case:

Mr L Jones owned a one bedroom apartment in Angmering in November 2010. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Identical homes in Angmering with a long lease were valued around £189,000. The average amount of ground rent was £55 collected annually. The lease ran out on 22 January 2079. Having 53 years left we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.

Angmering case:

In 2010 we were phoned by Dr A Murphy who, having was assigned a lease of a ground floor flat in Angmering in November 1995. The dilemma was if we could shed any light on how much (approximately) price would likely be for a 90 year extension to my lease. Comparative homes in Angmering with a long lease were valued about £290,000. The average ground rent payable was £45 billed every twelve months. The lease expired on 21 February 2099. Having 73 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.