Top reasons for Blandfordum lease extension

Main reasons to commence your Blandfordum lease extension today:

Increase your lease and increase your Blandfordum property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Blandfordum. Clearly, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or re-mortgaged. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension. Eligible leaseholders in Blandfordum have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. You should give careful deliberation before putting off your Blandfordum lease extension. Putting off that expense now simply increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold properties in Blandfordum with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not finance a property on a short lease

What makes us experts in Blandfordum lease extensions?

The conveyancers that we work with undertake Blandfordum 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.

Blandfordum Lease Extension Example Cases:

Nathaniel, Blandfordum, Dorset

18 months ago Nathaniel, came seriously near to the 80-year mark with the lease on his basement flat in Blandfordum. Having bought his property twenty years previously, the length of the lease was of no significance. Fortunately, he noticed he would imminently be paying way over the odds for Extending the lease. Nathaniel arranged for a lease extension at the eleventh hour in June. Nathaniel and the freeholder via the management company ultimately agreed on sum of £5,500 . If the lease had slipped below 80 years, the price would have gone up by at least £1,125.

Blandfordum case:

Mr and Mrs. L Smith moved into a basement apartment in Blandfordum in August 1995. The question was if we could estimate the premium could be to extend the lease by an additional years. Comparable flats in Blandfordum with 100 year plus lease were worth £270,000. The average ground rent payable was £55 billed yearly. The lease lapsed in 2101. Given that there were 75 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.

Blandfordum case:

In 2014 we were called by Dr K Allen who, having moved into a purpose-built flat in Blandfordum in August 2001. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative flats in Blandfordum with an extended lease were valued around £173,800. The mid-range amount of ground rent was £60 billed per annum. The lease finished on 15 March 2081. Considering the 55 years unexpired we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 plus expenses.