Main reasons to commence your Blakeney lease extension

Main reasons to commence your Blakeney lease extension today:

Increase your lease and increase your Blakeney property value

The market value of Blakeney leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase materialy once the remaining term is less than eighty years

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

Leasehold properties in Blakeney with over 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not lend with a short lease

Banks and building societies are tightening their criteria and many now want flats to have at least 60 if not 70 years left at the expiry of the mortgage. As plenty of flats in Blakeney were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

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

The lawyers that we work with handle Blakeney 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 conveyancer we work with provide it.

Blakeney Lease Extension Example Cases:

Jasmine, Blakeney, Gloucestershire,

Trailing protracted discussions with the freeholder of her garden flat in Blakeney, Jasmine initiated the lease extension process as the eighty year deadline was swiftly coming. The legal work was concluded in March 2011. The landlord’s costs were restricted to below six hundred GBP.

Blakeney case:

Last Spring we were phoned by Mr and Mrs. L Roberts , who completed a studio flat in Blakeney in May 2003. The question was if we could approximate the price could be for a ninety year extension to my lease. Comparable properties in Blakeney with an extended lease were worth £264,000. The mid-range amount of ground rent was £60 billed every twelve months. The lease concluded in 2079. Given that there were 53 years outstanding we estimated the premium to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of expenses.

Blakeney case:

Last Winter we were approach by Dr R Morris , who was assigned a lease of a basement apartment in Blakeney in October 2001. The dilemma was if we could approximate the price could be for a ninety year lease extension. Comparable flats in Blakeney with a long lease were in the region of £225,400. The average ground rent payable was £45 invoiced yearly. The lease expired in 2090. Given that there were 64 years unexpired we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of fees.