Main reasons to commence your Bellingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bellingham property value

With a residential leasehold premises in Bellingham, you are actually buying a right to reside in a property for a prescribed time frame. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than eighty years remaining. Leasehold owners in Bellingham with a lease drawing near to 81 years remaining should seriously think of extending it without delay. Once the lease term has fewer than 80 years outstanding, under the relevant statute the landlord can calculate and charge a larger premium, assessed on a technical computation, strangely termed as “marriage value” which is due.

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

Leasehold residencies in Bellingham with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not loan monies on a short lease

Most banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this will result in your Bellingham property being difficult to dispose of or remortgage.

What makes us experts in Bellingham lease extensions?

The lawyers that we work with handle Bellingham lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Bellingham Lease Extension Example Cases:

Ella, Bellingham, South East London,

After unsuccessful negotiations with the freeholder of her one bedroom apartment in Bellingham, Ella started the lease extension process just as her lease was approaching the critical eighty-year mark. The legal work completed in November 2006. The landlord’s costs were kept to an absolute minimum.

Bellingham case:

In 2011 we were phoned by Ms Eleanor Gray who, having completed a garden flat in Bellingham in May 2010. We are asked if we could approximate the premium would be for a 90 year lease extension. Similar properties in Bellingham with 100 year plus lease were in the region of £242,600. The mid-range ground rent payable was £45 billed every twelve months. The lease concluded on 28 September 2093. Taking into account 67 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of expenses.