Top reasons for Corfe Mullen lease extension

Main reasons to commence your Corfe Mullen lease extension today:

A Corfe Mullen leasehold property depreciates with the years remaining on the lease.

For anyone whose Corfe Mullen home is held on a long lease, our message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Corfe Mullen with more than one hundred years unexpired on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the residual lease term falls lower than a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Corfe Mullen property.

Why use us for your lease extension in Corfe Mullen?

Engaging our service will provide you enhanced control over the value of your Corfe Mullen leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Corfe Mullen Lease Extension Case Studies:

Adam, Corfe Mullen, Dorset,

Adam was the the leasehold proprietor of a high value flat in Corfe Mullen on the market with a lease of fraction over 61 years outstanding. Adam on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Adam to exercise his statutory right. Adam procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Corfe Mullen case:

Ms Chloe Robinson owned a basement flat in Corfe Mullen in October 2000. The question was if we could estimate the price would be for a ninety year extension to my lease. Similar homes in Corfe Mullen with an extended lease were worth £181,600. The mid-range amount of ground rent was £55 billed annually. The lease finished in 2078. Having 52 years left we calculated the premium to the landlord for the lease extension to be between £30,400 and £35,200 not including expenses.

Corfe Mullen case:

In 2010 we were e-mailed by Mr and Mrs. A Vincent who, having took over the lease of a basement apartment in Corfe Mullen in November 1996. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Identical residencies in Corfe Mullen with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £45 billed every twelve months. The lease ended on 8 November 2098. Having 72 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.