Main reasons to start your Blandfordum lease extension

Top reasons for lease extension now:

Increase your lease and increase your Blandfordum property value

The re-sale value of a leasehold property in Blandfordum depends on how long the lease has left to run. If it is close to or less than eighty years you should envisage problems on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that a lease extension can be finalised ahead of the eighty year cut off point. Statute entitles Blandfordum qualifying lessees to obtain a lease extension of 90 years on top of the remaining lease term at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Blandfordum property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Blandfordum?

Lease extensions in Blandfordum can be a difficult process. We recommend you secure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Blandfordum lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Blandfordum Lease Extension Example Cases:

Niamh, Blandfordum, Dorset,

Trailing protracted correspondence with the freeholder of her ground floor flat in Blandfordum, Niamh initiated the lease extension process as the eighty year deadline was swiftly approaching. The legal work was concluded in March 2011. The landlord’s charges were restricted to a tad over 550 pounds.

Blandfordum case:

In 2013 we were e-mailed by Mr and Mrs. M Stewart who, having purchased a one bedroom flat in Blandfordum in June 2009. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative flats in Blandfordum with an extended lease were in the region of £200,800. The mid-range amount of ground rent was £65 collected yearly. The lease finished in 2086. Given that there were 60 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 not including fees.

Blandfordum case:

In 2011 we were called by Mrs N Reed who, having completed a purpose-built apartment in Blandfordum in May 2004. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparative flats in Blandfordum with an extended lease were valued about £260,000. The average ground rent payable was £50 invoiced monthly. The lease ended on 19 July 2097. Taking into account 71 years unexpired we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 not including fees.