Why you should commence your Mudeford lease extension

Main reasons to start your Mudeford lease extension today:

Increase your lease and increase your Mudeford property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Mudeford can extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before delaying your Mudeford lease extension. Postponing the costs now simply increases the amount you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to loan monies on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

What makes us experts in Mudeford lease extensions?

Using our service will provide you better control over the value of your Mudeford leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Mudeford Lease Extension Example Cases:

Alexander, Mudeford, Dorset,

Alexander was the the leasehold owner of a conversion flat in Mudeford on the market with a lease of a few days over 72 years outstanding. Alexander on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 yearly. No ground rent would be payable on a lease extension were Alexander to invoke his statutory right. Alexander procured expert legal guidance and secured satisfactory deal informally and ending up with a market value flat.

Mudeford case:

In 2011 we were approached by Mrs Holly Murphy who, having purchased a ground floor flat in Mudeford in May 2007. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Mudeford with 100 year plus lease were worth £166,400. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2080. Taking into account 54 years remaining we calculated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including legals.

Mudeford case:

In 2009 we were phoned by Dr M Lee who, having owned a garden apartment in Mudeford in April 2000. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative premises in Mudeford with an extended lease were worth £227,800. The mid-range ground rent payable was £45 collected every twelve months. The lease end date was on 25 January 2091. Given that there were 65 years remaining we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.