Top reasons for Blandford Forum lease extension

Main reasons to commence your Blandford Forum lease extension today:

A Blandford Forum lease depreciates with the years remaining on the lease.

The value of Blandford Forum leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 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 left, the property will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Mortgage companies do not like short residential leases. You most probably experience problems if you wish to sell your flat in Blandford Forum if the remaining lease term is below the criteria set by most mortgage companies. Different mortgage companies have different criteria but in the main they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Blandford Forum?

Using our service will provide you enhanced control over the value of your Blandford Forum leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Blandford Forum Lease Extension Example Cases:

Amy, Blandford Forum, Dorset,

In the wake of eight months of protracted correspondence with the freeholder of her basement apartment in Blandford Forum, Amy commenced the lease extension process as the eighty year deadline was swiftly coming. The transaction completed in January 2014. The freeholder’s costs were negotiated to approximately 500 pounds.

Blandford Forum case:

In 2009 we were approached by Mr Logan Khan who, having moved into a one bedroom flat in Blandford Forum in August 2010. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparative residencies in Blandford Forum with an extended lease were valued about £210,000. The average amount of ground rent was £50 collected annually. The lease elapsed in 2106. Given that there were 80 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.

Blandford Forum case:

Last Winter we were e-mailed by Mr and Mrs. R Díaz , who owned a ground floor apartment in Blandford Forum in March 2012. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Identical flats in Blandford Forum with 100 year plus lease were worth £275,000. The average ground rent payable was £45 collected yearly. The lease concluded on 13 March 2095. Considering the 69 years unexpired we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including legals.