Main reasons to start your Carisbrooke lease extension

Top reasons for lease extension now:

Increase your lease and increase your Carisbrooke property value

Carisbrooke leases on residential deteriorating in value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease drops under 80 years - otherwise a higher amount will be due. Leasehold owners in Carisbrooke will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic when you need to sell or refinance your property as it will be practically unmortgageable. You may have no imminent plan to sell but when you do your buyer will need to hold off for a couple of years before they can exercise the right to a a lease extension.

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

Irrespective of whether you are a tenant or a landlord in Carisbrooke,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Carisbrooke valuers.

Carisbrooke Lease Extension Case Studies:

Courtney, Carisbrooke, Isle Of Wight,

Subsequent to lengthy negotiations with the landlord of her first floor flat in Carisbrooke, Courtney started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The transaction was finalised in January 2009. The freeholder’s costs were negotiated to about 550 GBP.

Carisbrooke case:

Mrs Grace Cook owned a recently refurbished apartment in Carisbrooke in September 2010. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Identical premises in Carisbrooke with a long lease were in the region of £200,000. The average amount of ground rent was £50 billed monthly. The lease ended in 2103. Given that there were 77 years remaining we approximated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.

Carisbrooke case:

Mr and Mrs. R Mitchell moved into a first floor apartment in Carisbrooke in June 1995. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Identical properties in Carisbrooke with 100 year plus lease were valued about £260,200. The average amount of ground rent was £65 invoiced yearly. The lease ended on 8 September 2092. Having 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £16,200 and £18,600 exclusive of costs.