Top reasons for Boscombe lease extension

Main reasons to commence your Boscombe lease extension today:

Increase your lease and increase your Boscombe property value

The value of Boscombe leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

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

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties once you need to sell or refinance your flat as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your purchaser will need to hold off for a couple of years before they can exercise the right to a a lease extension.

What makes us experts in Boscombe lease extensions?

Lease extensions in Boscombe can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 dealing with Boscombe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Boscombe Lease Extension Case Studies:

Charlotte, Boscombe, Dorset,

Trailing protracted negotiations with the landlord of her studio flat in Boscombe, Charlotte started the lease extension process just as the lease was approaching the crucial eighty-year threshold. The transaction was finalised in November 2015. The landlord’s costs were restricted to approximately 700 pounds.

Boscombe case:

In 2013 we were e-mailed by Ms E Young who, having completed a garden apartment in Boscombe in September 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Boscombe with 100 year plus lease were valued around £227,800. The mid-range ground rent payable was £45 billed every twelve months. The lease came to a finish on 18 April 2091. Given that there were 65 years outstanding we estimated the premium to the freeholder to extend the lease to be between £13,300 and £15,400 plus professional charges.

Boscombe case:

In 2012 we were called by Mrs Lydia Scott who, having acquired a garden apartment in Boscombe in August 2000. The question was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Comparative premises in Boscombe with a long lease were valued around £275,000. The mid-range amount of ground rent was £55 billed monthly. The lease terminated on 27 September 2102. Having 76 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.