Why you should start your Mudeford lease extension

Why you should commence your Mudeford lease extension today:

Increase your lease and increase your Mudeford property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Mudeford. Inevitably, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the residence has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to obtain a lease extension. Eligible leaseholders in Mudeford have the legal entitlement to extend the lease for an additional 90 years under legislation. You should give due attention before putting off your Mudeford lease extension. Putting off that expense now only increases the price you will eventually have to pay for a lease extension

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

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

Engaging our service gives you enhanced control over the value of your Mudeford leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Mudeford Lease Extension Example Cases:

Georgia, Mudeford, Dorset,

Off the back of lengthy discussions with the freeholder of her leasehold flat in Mudeford, Georgia started the lease extension process as the eighty year deadline was swiftly nearing. The legal work was concluded in August 2011. The freeholder’s charges were kept to an absolute minimum.

Mudeford case:

In 2010 we were called by Mr and Mrs. M Scott who, having was assigned a lease of a ground floor apartment in Mudeford in March 1999. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Mudeford with a long lease were worth £265,000. The mid-range ground rent payable was £50 collected yearly. The lease ran out on 14 July 2099. Having 73 years remaining we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus professional charges.

Mudeford case:

Mrs Millie Walker owned a garden apartment in Mudeford in February 2002. The question was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar residencies in Mudeford with 100 year plus lease were valued around £264,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease lapsed on 21 March 2079. Given that there were 53 years unexpired we approximated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of costs.