Main reasons to commence your North Baddesley lease extension

Top reasons for lease extension now:

Increase your lease and increase your North Baddesley property value

North Baddesley leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Flat owners in North Baddesley will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict timetables and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

North Baddesley property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties as and when you need to market or refinance your flat as it will be practically unmortgageable. Even though you may have no immediate intention to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in North Baddesley lease extensions?

Engaging our service gives you increased control over the value of your North Baddesley 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 are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North Baddesley Lease Extension Case Studies:

Sebastian, North Baddesley, Hampshire,

Sebastian was the the leasehold proprietor of a 2 bedroom flat in North Baddesley on the market with a lease of fraction over 59 years outstanding. Sebastian on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Sebastian to invoke his statutory right. Sebastian obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

North Baddesley case:

Mr and Mrs. C Harris purchased a first floor apartment in North Baddesley in May 2009. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Identical flats in North Baddesley with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 collected per annum. The lease finished on 24 January 2081. Taking into account 55 years outstanding we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.

North Baddesley case:

Mr and Mrs. P Vincent completed a newly refurbished apartment in North Baddesley in May 1998. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Identical premises in North Baddesley with 100 year plus lease were in the region of £300,000. The mid-range ground rent payable was £50 collected every twelve months. The lease terminated in 2101. Having 75 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.