Main reasons to commence your Bellingham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bellingham property value

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 the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Bellingham residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bellingham you should see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Bellingham with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of prospective purchasers.

What makes us experts in Bellingham lease extensions?

Engaging our service gives you better control over the value of your Bellingham leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bellingham Lease Extension Example Cases:

Kate, Bellingham, South East London,

Following lengthy negotiations with the landlord of her purpose-built flat in Bellingham, Kate initiated the lease extension process as the 80 year threshold was fast coming. The legal work was finalised in March 2015. The freeholder’s costs were kept to an absolute minimum.

Bellingham case:

Last November we were phoned by Mr and Mrs. I Bernard , who purchased a newly refurbished apartment in Bellingham in September 1999. We are asked if we could estimate the compensation to the landlord could be to extend the lease by 90 years. Identical flats in Bellingham with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease ended in 2097. Considering the 71 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.