Why you should commence your Ditchling lease extension

Why you should commence your Ditchling lease extension today:

Increase your lease and increase your Ditchling property value

Ditchling leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Leasehold owners in Ditchling will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some cases you may not be entitled. There are also strict timetables and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties where you need to sell your flat in Ditchling if the unexpired lease term is below the criteria set by most banks and building societies. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Ditchling?

The lawyers that we work with procure Ditchling 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 conveyancing solicitor we work with provide it.

Ditchling Lease Extension Example Cases:

Eleanor, Ditchling, East Sussex,

In the wake of eight months of lengthy discussions with the landlord of her garden apartment in Ditchling, Eleanor started the lease extension process just as her lease was nearing the all-important eighty-year threshold. The lease extension completed in August 2007. The landlord’s charges were negotiated to approximately 700 GBP.

Ditchling case:

Mr Zachary Brown purchased a first floor apartment in Ditchling in January 1999. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar homes in Ditchling with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £60 invoiced quarterly. The lease lapsed in 2106. Considering the 80 years outstanding we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus professional charges.

Ditchling case:

Last February we were e-mailed by Ms Melissa Hernández , who bought a recently refurbished apartment in Ditchling in September 1998. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Ditchling with an extended lease were worth £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease terminated in 2086. Taking into account 60 years left we estimated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 not including costs.