Top reasons for Mudeford lease extension

Why you should commence your Mudeford lease extension today:

Increase your lease and increase your Mudeford property value

Mudeford leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Flat owners in Mudeford will usually qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and formalities to comply with once the process is initiated so it’s prudent to be guided by a conveyancer during the process.

Mudeford property with a lease extension 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 approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not loan monies with a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the residual lease term drops below a certain unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Mudeford home.

Why use us for your lease extension in Mudeford?

The conveyancers that we work with procure Mudeford 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 lawyer we work with provide it.

Mudeford Lease Extension Case Summaries:

Aimee, Mudeford, Dorset,

Trailing protracted negotiations with the freeholder of her studio apartment in Mudeford, Aimee started the lease extension process as the 80 year deadline was fast nearing. The legal work completed in March 2005. The landlord’s fees were kept to an absolute minimum.

Mudeford case:

Mr and Mrs. A Wright acquired a newly refurbished apartment in Mudeford in April 2004. We are asked if we could approximate the price would be to prolong the lease by a further 90 years. Comparable premises in Mudeford with 100 year plus lease were in the region of £227,800. The average amount of ground rent was £45 collected every twelve months. The lease ended in 2091. Given that there were 65 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 not including fees.

Mudeford case:

Ms K Green bought a studio apartment in Mudeford in October 2010. We are asked if we could approximate the premium could be to prolong the lease by 90 years. Comparable residencies in Mudeford with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed monthly. The lease expired on 3 July 2102. Having 76 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including expenses.