Why you should start your Fordingbridge lease extension

Main reasons to commence your Fordingbridge lease extension today:

Increase your lease and increase your Fordingbridge property value

Fordingbridge leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Fordingbridge residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Fordingbridge you would be well advised to see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold properties in Fordingbridge with more than one hundred years left 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 situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not grant a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be aware that it is probable that someone wanting to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Fordingbridge?

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

Fordingbridge Lease Extension Case Studies:

Naomi, Fordingbridge, Hampshire,

Off the back of unsuccessful correspondence with the freeholder of her basement apartment in Fordingbridge, Naomi started the lease extension process just as the lease was nearing the crucial eighty-year deadline. The legal work was finalised in May 2010. The freeholder’s charges were negotiated to less than 700 pounds.

Fordingbridge case:

In 2012 we were approached by Mr Harvey Rivera who, having purchased a garden apartment in Fordingbridge in March 2004. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Fordingbridge with 100 year plus lease were in the region of £223,400. The average ground rent payable was £60 invoiced per annum. The lease ended in 2085. Considering the 59 years left we estimated the compensation to the landlord to extend the lease to be within £27,600 and £31,800 not including fees.

Fordingbridge case:

Last Summer we were called by Mrs J Ricardo , who moved into a first floor flat in Fordingbridge in October 2000. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative flats in Fordingbridge with 100 year plus lease were in the region of £205,000. The average amount of ground rent was £50 billed quarterly. The lease ended on 26 March 2105. Having 79 years as a residual term we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including costs.