Main reasons to start your Birchington lease extension

Why you should commence your Birchington lease extension today:

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

There is no doubt about it a leasehold flat or house in Birchington is a wasting asset as a result of the shortening lease. If the residual term has, over 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease without delay. Many flat owners in Birchington will meet the qualifying criteria; however a lawyer can advise whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic once you wish to market or remortgage your property as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your buyer will have to wait a couple of years before they can exercise the right to a a lease extension.

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

Lease extensions in Birchington can be a difficult process. We recommend you secure professional help from a conveyancer and surveyor 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 in-depth market knowledge procuring Birchington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Birchington Lease Extension Example Cases:

Chantelle, Birchington, Kent,

Off the back of protracted discussions with the landlord of her purpose-built flat in Birchington, Chantelle initiated the lease extension process as the 80 year deadline was fast approaching. The legal work completed in June 2012. The landlord’s costs were kept to an absolute minimum.

Birchington case:

In 2012 we were approached by Dr Jake Mitchell who, having was assigned a lease of a one bedroom apartment in Birchington in April 2011. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical premises in Birchington with an extended lease were valued around £275,000. The mid-range ground rent payable was £65 invoiced yearly. The lease expiry date was on 13 July 2094. Having 68 years remaining we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 not including legals.

Birchington case:

Mr and Mrs. L Laurent took over the lease of a one bedroom flat in Birchington in March 1998. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable flats in Birchington with a long lease were in the region of £208,600. The average amount of ground rent was £60 collected per annum. The lease end date was in 2083. Given that there were 57 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of professional charges.