Bursledon Lease Extension - Free Consultation

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Why you should commence your Bursledon lease extension

Why you should commence your Bursledon lease extension today:

Increase your lease and increase your Bursledon property value

Chances are that if you own a flat in Bursledon you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bursledon with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not lend with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Bursledon property becoming difficult to dispose of or refinance.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Bursledon?

Regardless of whether you are a tenant or a landlord in Bursledon,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bursledon valuers.

Bursledon Lease Extension Case Studies:

Kirsty, Bursledon, Hampshire,

After unsuccessful discussions with the freeholder of her ground floor flat in Bursledon, Kirsty commenced the lease extension process just as her lease was approaching the all-important 80-year deadline. The lease extension was finalised in April 2006. The freeholder’s costs were kept to an absolute minimum.

Bursledon case:

In 2011 we were called by Mr and Mrs. D Evans who, having acquired a purpose-built flat in Bursledon in April 2007. The question was if we could estimate the price could be to extend the lease by an additional years. Similar homes in Bursledon with an extended lease were in the region of £240,600. The average ground rent payable was £60 collected annually. The lease ran out on 12 August 2087. Having 62 years left we approximated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of professional charges.

Bursledon case:

Last Autumn we were called by Ms Sian López , who was assigned a lease of a ground floor flat in Bursledon in July 2005. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Identical flats in Bursledon with 100 year plus lease were in the region of £174,200. The average ground rent payable was £55 billed monthly. The lease elapsed on 5 August 2076. Considering the 51 years unexpired we calculated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 exclusive of costs.