Top reasons for Bellingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bellingham property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Bellingham. Inevitably, the period of lease left shortens as time goes by. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible long lease owners in Bellingham have the right to extend the lease for an additional ninety years under statute. Please give careful attention before delaying your Bellingham lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

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

Leasehold properties in Bellingham with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property on a short lease

Most banks and building societies will not lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Bellingham property becoming difficult to dispose of or refinance.

What makes us experts in Bellingham lease extensions?

Lease extensions in Bellingham can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 procuring 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 Example Cases:

Jude, Bellingham, South East London,

Jude owned a conversion flat in Bellingham on the market with a lease of a little over 59 years outstanding. Jude informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jude to exercise his statutory right. Jude obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Bellingham case:

Mr and Mrs. H Robinson purchased a studio flat in Bellingham in July 1995. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical premises in Bellingham with an extended lease were valued around £183,600. The average ground rent payable was £65 collected per annum. The lease terminated on 3 July 2083. Considering the 57 years outstanding we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 plus professional charges.