Top reasons for Bosham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Bosham property value

The value of Bosham 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 escalate significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Bosham with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

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

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to become concerned at around 75 years. This will be problematic when you need to dispose of or refinance your flat as it will be effectively unmortgageable. You may not have an immediate plan to sell but when you do your buyer must hold off for two years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Bosham?

Lease extensions in Bosham can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience dealing with Bosham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bosham Lease Extension Case Studies:

Connor, Bosham, West Sussex

Last year Connor, came seriously near to the eighty-year mark with the lease on his purpose- built apartment in Bosham. Having bought his home two decades ago, the unexpired term was of no concern. Thankfully, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Connor arranged for a lease extension just ahead of time in January. Connor and the landlord subsequently settled on sum of £6,000 . If he failed to meet the deadline, the figure would have gone up by at least £1,125.

Bosham case:

In 2014 we were e-mailed by Dr Amber Morris who, having was assigned a lease of a recently refurbished flat in Bosham in January 1997. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparative flats in Bosham with a long lease were valued around £280,000. The average ground rent payable was £45 collected quarterly. The lease ended on 17 March 2096. Given that there were 70 years outstanding we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Bosham case:

Last Summer we were phoned by Mrs Olivia Bailey , who was assigned a lease of a first floor apartment in Bosham in April 2010. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Bosham with an extended lease were in the region of £225,800. The mid-range ground rent payable was £60 collected monthly. The lease ended on 6 November 2086. Having 60 years left we estimated the compensation to the landlord to extend the lease to be within £25,700 and £29,600 plus professional charges.