Main reasons to start your Lytchett Matravers lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lytchett Matravers property value

Lytchett Matravers leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease dips below this level then you start incurring an additional element called marriage value. Leasehold owners in Lytchett Matravers will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not lend on a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Lytchett Matravers?

The conveyancing solicitors that we work with undertake Lytchett Matravers 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.

Lytchett Matravers Lease Extension Example Cases:

Aimee, Lytchett Matravers, Dorset,

In the wake of 9 months of protracted discussions with the landlord of her leasehold apartment in Lytchett Matravers, Aimee commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The legal work was finalised in January 2012. The landlord’s charges were kept to an absolute minimum.

Lytchett Matravers case:

Mr M Mason was assigned a lease of a garden apartment in Lytchett Matravers in July 1999. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar premises in Lytchett Matravers with a long lease were valued around £218,000. The mid-range ground rent payable was £45 collected annually. The lease ran out on 5 May 2089. Given that there were 63 years left we estimated the compensation to the landlord for the lease extension to be between £17,100 and £19,800 plus costs.

Lytchett Matravers case:

Last Christmas we were approach by Mr and Mrs. I Campbell , who bought a basement apartment in Lytchett Matravers in April 2003. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Identical homes in Lytchett Matravers with an extended lease were worth £265,000. The average ground rent payable was £55 invoiced per annum. The lease concluded in 2100. Considering the 74 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.