Top reasons for Bishops Waltham lease extension

Top reasons for lease extension now:

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

The market value of a leasehold property in Bishops Waltham depends on how many years the lease has remaining. If it is close to or less than 80 years you should expect difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. Ideally one should start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be addressed well before the 80 year cut off point. Statute entitles Bishops Waltham qualifying lessees to an additional term of 90 years in addition to the existing term, at a nominal rent (no ground rent). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

Leasehold properties in Bishops Waltham with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

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

Nearly all mortgage companies insist on a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is likely that someone wishing to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Bishops Waltham?

Lease extensions in Bishops Waltham can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

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 a wealth of experience dealing with Bishops Waltham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bishops Waltham Lease Extension Example Cases:

Georgia, Bishops Waltham, Hampshire,

Subsequent to protracted correspondence with the freeholder of her first floor flat in Bishops Waltham, Georgia initiated the lease extension process just as her lease was approaching the all-important eighty-year threshold. The legal work completed in January 2006. The landlord’s costs were restricted to a tad over 500 GBP.

Bishops Waltham case:

Mr Jake Collins completed a garden flat in Bishops Waltham in November 2007. We are asked if we could approximate the price would likely be for a ninety year lease extension. Comparative flats in Bishops Waltham with a long lease were worth £210,000. The average amount of ground rent was £50 billed monthly. The lease elapsed in 2106. Taking into account 80 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Bishops Waltham case:

Ms F Ward purchased a ground floor flat in Bishops Waltham in September 2006. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Bishops Waltham with an extended lease were in the region of £280,000. The average amount of ground rent was £45 invoiced quarterly. The lease concluded on 1 November 2095. Considering the 69 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.