Top reasons for Christchurch lease extension

Main reasons to start your Christchurch lease extension today:

A Christchurch leasehold property depreciates with the years remaining on the lease.

The market value of Christchurch 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 materialy once the unexpired lease term is less than eighty years

Christchurch property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent 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 may decide not to loan monies with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties once you come to market or refinance your flat as it will be practically unmortgageable. Even though you may not have an immediate desire to sell but when you do your buyer will need to wait 2 years before they can start the legal procedures for an extension to the lease.

Why use us for your lease extension in Christchurch?

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

Christchurch Lease Extension Case Studies:

Charlie, Christchurch, Dorset,

Charlie owned a conversion flat in Christchurch on the market with a lease of a few days over 61 years outstanding. Charlie on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be payable on a lease extension were Charlie to invoke his statutory right. Charlie procured expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.

Christchurch case:

In 2010 we were phoned by Mr Jack Díaz who, having owned a ground floor flat in Christchurch in September 2008. The question was if we could estimate the premium would be for a 90 year extension to my lease. Identical residencies in Christchurch with a long lease were worth £237,600. The mid-range amount of ground rent was £45 billed annually. The lease terminated in 2093. Given that there were 67 years unexpired we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 exclusive of expenses.

Christchurch case:

Last Autumn we were phoned by Mr Sam Morel , who completed a studio flat in Christchurch in October 2004. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparable premises in Christchurch with an extended lease were worth £280,000. The mid-range ground rent payable was £55 invoiced yearly. The lease came to a finish on 2 March 2104. Considering the 78 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus fees.