Why you should start your Blakeney lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blakeney property value

There is no doubt about it a leasehold property in Blakeney is a wasting asset as a result of the shortening lease. Where the residual term has, more than 125 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should extend the lease without delay. Most flat owners in Blakeney will qualify for this right; nevertheless a conveyancing solicitor will be able to confirm whether you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be unacceptable for lending purposes.

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

Engaging our service will provide you better control over the value of your Blakeney leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Blakeney Lease Extension Case Studies:

Jude, Blakeney, Gloucestershire

Last year Jude, came critically close to the 80-year threshold with the lease on his purpose- built apartment in Blakeney. In buying his home 18 years ago, the lease term was of no interest. by good luck, he recognised he would imminently be paying an inflated amount for a lease extension. Jude was able to extend his lease just ahead of time last September. Jude and the freeholder ultimately agreed on sum of £5,500 . If he failed to meet the deadline, the price would have increased by at least £1,075.

Blakeney case:

Dr T Bonnet was assigned a lease of a garden apartment in Blakeney in June 2006. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Similar flats in Blakeney with a long lease were in the region of £232,800. The mid-range amount of ground rent was £45 billed monthly. The lease concluded on 27 November 2091. Taking into account 65 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 plus costs.

Blakeney case:

Mr and Mrs. W Davis owned a one bedroom apartment in Blakeney in February 1999. The dilemma was if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical premises in Blakeney with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 billed annually. The lease ran out on 24 May 2102. Having 76 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.