Main reasons to start your Bellingham lease extension

Top reasons for lease extension now:

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

Bellingham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Bellingham tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Bellingham you really ought to check if your lease has between seventy and ninety years remaining. There are good reasons why a Bellingham leaseholder with a lease having around 80 years unexpired should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Bellingham with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will be problematic once you wish to sell or remortgage your property as it will be practically unmortgageable. Even though you might have no imminent desire to sell but when you do your purchaser must hold off for 2 years before being able to initiate the legal procedures for a lease extension.

Why use us for your lease extension in Bellingham?

Retaining our service will provide you enhanced control over the value of your Bellingham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Bellingham Lease Extension Case Summaries:

Olivia, Bellingham, South East London,

Off the back of protracted negotiations with the freeholder of her two bedroom apartment in Bellingham, Olivia started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was concluded in April 2008. The landlord’s costs were kept to an absolute minimum.

Bellingham case:

Mr S Gray acquired a studio apartment in Bellingham in August 1999. We are asked if we could estimate the price could be for a 90 year lease extension. Comparable flats in Bellingham with an extended lease were valued about £218,000. The mid-range amount of ground rent was £45 collected annually. The lease ended in 2089. Taking into account 63 years unexpired we approximated the premium to the freeholder for the lease extension to be within £17,100 and £19,800 exclusive of professional charges.