Top reasons for Canford Heath lease extension

Main reasons to start your Canford Heath lease extension today:

A Canford Heath lease depreciates with the years remaining on the lease.

The closer a domestic lease in Canford Heath gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, over 100 years to run then this decrease may be negligible that being said there will become a stage when a lease has less than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner rather than later. Most flat owners in Canford Heath will qualify for this right; however a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

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

Banks and Building Societies have specific criteria when lending funds charged on leasehold property. Some will simply not lend at all once the remaining lease term falls below a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Canford Heath home.

What makes us experts in Canford Heath lease extensions?

The lawyers that we work with undertake Canford Heath 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 lawyer we work with provide it.

Canford Heath Lease Extension Case Studies:

Alisha, Canford Heath, Dorset,

Off the back of unsuccessful discussions with the freeholder of her studio apartment in Canford Heath, Alisha commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The legal work completed in March 2012. The freeholder’s charges were kept to an absolute minimum.

Canford Heath case:

In 2010 we were e-mailed by Mrs Charlotte Wright who, having completed a one bedroom apartment in Canford Heath in March 2005. The dilemma was if we could estimate the price would likely be to extend the lease by 90 years. Identical premises in Canford Heath with an extended lease were valued around £186,000. The mid-range ground rent payable was £65 billed monthly. The lease termination date was in 2084. Given that there were 58 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £24,700 and £28,600 not including professional charges.

Canford Heath case:

Mr Connor Girard bought a garden flat in Canford Heath in February 2001. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Identical premises in Canford Heath with 100 year plus lease were in the region of £250,000. The average ground rent payable was £50 invoiced monthly. The lease came to a finish on 10 October 2095. Taking into account 69 years remaining we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.