Why you should commence your Ditchling lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ditchling property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Ditchling. Clearly, the length of lease left shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Ditchling have the right to extend the lease for a further ninety years under Leasehold Reform legislation. You should give due attention before delaying your Ditchling lease extension. Putting off that expense now likely increases the price you will ultimately incur for a lease extension

Ditchling property with a lease extension is almost the same value as a freehold

Leasehold residencies in Ditchling with in excess of one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not issue a mortgage on a short lease

Many banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so where they are unable to get a mortgage, then the market price of the property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Ditchling lease extensions?

Using our service gives you enhanced control over the value of your Ditchling leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ditchling Lease Extension Case Summaries:

Ellie, Ditchling, East Sussex,

Following unsuccessful negotiations with the freeholder of her ground floor apartment in Ditchling, Ellie initiated the lease extension process just as the lease was nearing the critical 80-year deadline. The lease extension was finalised in February 2012. The freeholder’s charges were kept to an absolute minimum.

Ditchling case:

Last Christmas we were phoned by Ms K Jones , who completed a one bedroom flat in Ditchling in November 2007. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable homes in Ditchling with an extended lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease terminated in 2102. Considering the 76 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.

Ditchling case:

Last Winter we were phoned by Mr Luke Robinson , who took over the lease of a first floor flat in Ditchling in August 2011. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparable properties in Ditchling with an extended lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced annually. The lease terminated on 1 July 2082. Given that there were 56 years left we calculated the premium to the landlord to extend the lease to be within £29,500 and £34,000 exclusive of expenses.