Why you should commence your Angmering lease extension

Top reasons for lease extension now:

Increase your lease and increase your Angmering property value

As the length of the unexpired term of a Angmering domestic lease diminished so does its value and therefore the value of your property. If the residual term has, more than 100 years remaining then this decrease may be fractional however there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Most flat owners in Angmering will meet the qualifying criteria; however a conveyancer will be able to confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Angmering with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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.

Banks and Building Societies may not issue a mortgage with a short lease

Banks and building societies are inclined not grant a mortgage on short residential leases. You are likely to encounter difficulties where you need to sell your flat in Angmering if the remaining term of your lease is under the criteria set by most lenders. Different mortgage companies have different criteria but generally they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Angmering?

Retaining our service gives you increased control over the value of your Angmering leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Angmering Lease Extension Example Cases:

Nathan, Angmering, West Sussex

Last October Nathan, came seriously close to the eighty-year mark with the lease on his one bedroom flat in Angmering. Having purchased his home 19 years previously, the length of the lease was of no interest. by good luck, it dawned on him that he needed to take action soon on Extending the lease. Nathan arranged for a lease extension at the eleventh hour last April. Nathan and the freeholder via the management company in the end settled on sum of £5,000 . If he had missed the deadline, the figure would have increased by at least £1,150.

Angmering case:

Mrs Kate Stewart moved into a one bedroom apartment in Angmering in February 1997. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparative residencies in Angmering with an extended lease were valued around £257,800. The average ground rent payable was £65 collected quarterly. The lease finished in 2091. Having 65 years outstanding we estimated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus costs.

Angmering case:

Last Spring we were phoned by Dr Isobel Davis , who acquired a ground floor flat in Angmering in September 2011. The question was if we could approximate the price would likely be to extend the lease by a further 90 years. Similar premises in Angmering with a long lease were worth £191,400. The average amount of ground rent was £55 billed every twelve months. The lease expired on 23 March 2080. Given that there were 54 years left we approximated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of professional charges.