Why you should start your Locks Heath lease extension

Top reasons for lease extension now:

A Locks Heath leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Locks Heath you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

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

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

Locks Heath Lease Extension Case Studies:

Kirsty, Locks Heath, Hampshire,

After lengthy correspondence with the freeholder of her basement apartment in Locks Heath, Kirsty started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The legal work was concluded in February 2010. The freeholder’s costs were kept to an absolute minimum.

Locks Heath case:

Last month we were phoned by Ms Georgina Vincent , who purchased a garden flat in Locks Heath in July 2002. The question was if we could estimate the premium would be for a ninety year extension to my lease. Similar residencies in Locks Heath with an extended lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced yearly. The lease expired on 7 November 2093. Given that there were 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of fees.

Locks Heath case:

Dr Callum Bertrand took over the lease of a newly refurbished apartment in Locks Heath in July 1998. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by an additional years. Identical premises in Locks Heath with 100 year plus lease were valued about £206,200. The average amount of ground rent was £60 billed every twelve months. The lease terminated in 2082. Given that there were 56 years unexpired we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.