Why you should commence your Blandfordum lease extension

Main reasons to commence your Blandfordum lease extension today:

A Blandfordum leasehold property depreciates with the years remaining on the lease.

Blandfordum residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

Blandfordum 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 remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies with a short lease

Most banks have tightened 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 seventy years as they are considered to be unacceptable for lending purposes.

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

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

Blandfordum Lease Extension Case Studies:

Emily, Blandfordum, Dorset,

After protracted discussions with the landlord of her first floor flat in Blandfordum, Emily commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction completed in January 2008. The freeholder’s costs were kept to an absolute minimum.

Blandfordum case:

Dr I Lewis took over the lease of a studio flat in Blandfordum in March 2005. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Comparative properties in Blandfordum with an extended lease were valued about £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease terminated in 2094. Having 68 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Blandfordum case:

Ms Paige Bailey was assigned a lease of a basement flat in Blandfordum in February 1997. The question was if we could estimate the price would be to extend the lease by 90 years. Similar residencies in Blandfordum with an extended lease were valued about £285,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease concluded on 11 October 2105. Considering the 79 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of expenses.