Top reasons for Bishops Waltham lease extension

Main reasons to start your Bishops Waltham lease extension today:

A Bishops Waltham lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bishops Waltham have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. Please think carefully before delaying your Bishops Waltham lease extension. Postponing the costs now simply escalates the price you will eventually be required to pay to extend the lease.

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

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not grant a mortgage on a short lease

Lenders are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As a number of flats in Bishops Waltham were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Bishops Waltham?

The conveyancers that we work with procure Bishops Waltham 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.

Bishops Waltham Lease Extension Example Cases:

Oscar, Bishops Waltham, Hampshire,

Oscar owned a conversion flat in Bishops Waltham on the market with a lease of just over sixty years remaining. Oscar informally spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Oscar to exercise his statutory right. Oscar procured expert advice and was able to make a more informed decision and deal with the matter and sell the flat.

Bishops Waltham case:

Last Christmas we were approach by Mr and Mrs. W Patel , who owned a studio apartment in Bishops Waltham in March 2011. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Comparable flats in Bishops Waltham with a long lease were valued about £275,000. The average amount of ground rent was £65 invoiced yearly. The lease lapsed on 26 November 2094. Given that there were 68 years left we approximated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus professional charges.

Bishops Waltham case:

Mr and Mrs. V Peterson owned a ground floor apartment in Bishops Waltham in February 2008. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable premises in Bishops Waltham with a long lease were valued around £213,600. The mid-range amount of ground rent was £60 billed quarterly. The lease finished on 16 March 2083. Considering the 57 years remaining we estimated the premium to the freeholder for the lease extension to be within £30,400 and £35,200 not including fees.