Top reasons for Bellingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bellingham property value

The re-sale value of a leasehold property in Bellingham depends on how many years the lease has left to run. If it is close to or less than eighty years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of buying. It is preferable to start the process of extending the lease is when the lease still has 82 years remaining so that formalities can be finalised in advance of the 80 year threshold. Statute entitles Bellingham qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lending institutions will not grant a mortgage on a short lease

Banks and building societies are tightening their criteria and many now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Bellingham were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Bellingham?

Lease extensions in Bellingham can be a difficult process. We recommend you procure guidance from a lawyer 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 Bellingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bellingham Lease Extension Case Studies:

Jack, Bellingham, South East London

Half a year ago Jack, came seriously near to the eighty-year threshold with the lease on his first floor apartment in Bellingham. Having bought his flat two decades ago, the lease term was of little significance. Luckily, he recognised he needed to take action soon on a lease extension. Jack extended the lease just in the nick of time in August. Jack and the freeholder subsequently agreed on the final figure of £5,000 . If he not met the deadline, the amount would have gone up by a minimum £1,075.

Bellingham case:

In 2014 we were approached by Mr and Mrs. Y Díaz who, having bought a ground floor apartment in Bellingham in April 2011. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable properties in Bellingham with an extended lease were valued about £285,000. The mid-range amount of ground rent was £55 collected quarterly. The lease finished in 2105. Given that there were 79 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.