Top reasons for Felpham lease extension

Why you should start your Felpham lease extension today:

Increase your lease and increase your Felpham property value

Felpham leases on domestic deteriorating in value. if your lease has about 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease drops lower than 80 years - otherwise a higher amount will be payable. Flat owners in Felpham will usually qualify for a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold residencies in Felpham with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that many flats in Felpham were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

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

Retaining our service will provide you enhanced control over the value of your Felpham leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Felpham Lease Extension Example Cases:

Alfie, Felpham, West Sussex,

Alfie owned a high value apartment in Felpham on the market with a lease of fraction over sixty years remaining. Alfie informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.

Felpham case:

In 2009 we were phoned by Dr Chelsea Lambert who, having purchased a studio flat in Felpham in February 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Comparative flats in Felpham with 100 year plus lease were valued about £256,600. The mid-range ground rent payable was £60 billed every twelve months. The lease termination date was in 2078. Considering the 52 years outstanding we approximated the premium to the landlord to extend the lease to be between £41,800 and £48,400 plus costs.

Felpham case:

In 2014 we were e-mailed by Mr and Mrs. V Roberts who, having acquired a newly refurbished flat in Felpham in January 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Felpham with a long lease were in the region of £218,000. The mid-range ground rent payable was £45 collected annually. The lease terminated in 2089. Given that there were 63 years outstanding we calculated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.