Top reasons for Bellingham lease extension

Main reasons to start your Bellingham lease extension today:

A Bellingham leasehold property depreciates with the years remaining on the lease.

For anyone whose Bellingham home is held on a long lease, our message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will be problematic as and when you need to market or remortgage your flat as it will be practically unmortgageable. Even though you may not have an imminent intention to sell but when you do your buyer will need to wait two years before they can initiate the legal procedures for a lease extension.

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

Engaging our service will provide you better control over the value of your Bellingham leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bellingham Lease Extension Example Cases:

Morgan, Bellingham, South East London,

Trailing lengthy correspondence with the landlord of her leasehold flat in Bellingham, Morgan started the lease extension process as the 80 year mark was fast approaching. The legal work was finalised in November 2009. The landlord’s costs were kept to an absolute minimum.

Bellingham case:

Mr and Mrs. K Turner took over the lease of a one bedroom apartment in Bellingham in February 1999. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Bellingham with a long lease were worth £270,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease finished on 11 November 2101. Given that there were 75 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 not including professional charges.