Main reasons to commence your Lyndhurst lease extension

Why you should start your Lyndhurst lease extension today:

Increase your lease and increase your Lyndhurst property value

The value of Lyndhurst leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate materialy once the unexpired lease term is below than 80 years

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

Leasehold residencies in Lyndhurst 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 buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not lend on a short lease

Many banks and building societies will be unwilling to lend on a lease with under seventy years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Lyndhurst property being difficult to sell or to obtain finance on.

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

Using our service will provide you increased control over the value of your Lyndhurst leasehold, as your property will be more valuable and marketable 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.

Lyndhurst Lease Extension Case Summaries:

Jasmine, Lyndhurst, Hampshire,

Trailing lengthy correspondence with the freeholder of her one bedroom flat in Lyndhurst, Jasmine started the lease extension process as the eighty year mark was swiftly approaching. The transaction was concluded in August 2010. The landlord’s charges were kept to an absolute minimum.

Lyndhurst case:

In 2009 we were e-mailed by Mr and Mrs. L Roux who, having took over the lease of a first floor flat in Lyndhurst in August 2001. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparable properties in Lyndhurst with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 billed annually. The lease lapsed on 11 May 2096. Considering the 70 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.

Lyndhurst case:

In 2011 we were phoned by Mrs Kelsey Cooper who, having completed a studio apartment in Lyndhurst in April 2008. The question was if we could approximate the premium would likely be to extend the lease by an additional years. Identical flats in Lyndhurst with a long lease were worth £218,400. The average amount of ground rent was £60 collected quarterly. The lease terminated on 2 August 2085. Considering the 59 years remaining we estimated the premium to the landlord to extend the lease to be within £27,600 and £31,800 plus fees.