Main reasons to start your Basingstoke lease extension

Top reasons for lease extension now:

Increase your lease and increase your Basingstoke property value

Basingstoke leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Basingstoke will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has started so it’s sensible to be guided by a lawyer during the process.

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

Leasehold properties in Basingstoke with over one hundred years outstanding on the lease are sometimes regarded as a ‘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 buying the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not grant a mortgage on a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient for lending purposes.

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

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

Basingstoke Lease Extension Example Cases:

Kayleigh, Basingstoke, Hampshire,

Subsequent to lengthy discussions with the freeholder of her studio flat in Basingstoke, Kayleigh initiated the lease extension process as the 80 year deadline was swiftly approaching. The lease extension was concluded in August 2011. The landlord’s charges were negotiated to a tad over 700 pounds.

Basingstoke case:

Last Summer we were phoned by Mr and Mrs. S Brooks , who completed a garden apartment in Basingstoke in April 2008. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Comparable premises in Basingstoke with an extended lease were in the region of £196,400. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed on 18 September 2080. Given that there were 54 years unexpired we calculated the premium to the freeholder to extend the lease to be between £35,200 and £40,600 not including costs.

Basingstoke case:

Last month we were approach by Mrs Rachel Lambert , who bought a one bedroom apartment in Basingstoke in October 2003. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Comparable flats in Basingstoke with 100 year plus lease were worth £295,000. The average ground rent payable was £45 invoiced quarterly. The lease came to a finish in 2100. Given that there were 74 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of costs.