Main reasons to start your Blandfordum lease extension

Top reasons for lease extension now:

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

Blandfordum leases on residential properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to take place before the term of the current lease falls under eighty years - otherwise a higher amount will be due. Flat owners in Blandfordum will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In certain situations you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Blandfordum with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be unacceptable security.

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

The lawyers that we work with handle 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 conveyancer we work with provide it.

Blandfordum Lease Extension Example Cases:

Connor, Blandfordum, Dorset,

Connor was the the leasehold owner of a 2 bedroom flat in Blandfordum on the market with a lease of a little over 72 years unexpired. Connor on an informal basis contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be due on a lease extension were Connor to exercise his statutory right. Connor procured expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Blandfordum case:

In 2010 we were called by Mrs T Norbert who, having was assigned a lease of a newly refurbished apartment in Blandfordum in February 2009. The dilemma was if we could approximate the premium would be to prolong the lease by ninety years. Identical premises in Blandfordum with a long lease were worth £176,200. The mid-range ground rent payable was £65 collected monthly. The lease finished in 2082. Given that there were 56 years unexpired we calculated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including expenses.

Blandfordum case:

Mr Isaac Moore bought a basement apartment in Blandfordum in March 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparative flats in Blandfordum with a long lease were valued around £242,600. The average amount of ground rent was £45 billed quarterly. The lease finished in 2093. Considering the 67 years left we calculated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 not including expenses.