Main reasons to start your Pagham lease extension

Main reasons to commence your Pagham lease extension today:

Increase your lease and increase your Pagham property value

Pagham leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Pagham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Pagham you really ought to investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Pagham flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay

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

Leasehold residencies in Pagham with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders will not lend with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As a number of flats in Pagham were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Pagham?

The conveyancing solicitors that we work with undertake Pagham 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.

Pagham Lease Extension Example Cases:

George, Pagham, West Sussex,

George owned a high value apartment in Pagham on the market with a lease of a little over 59 years left. George informally spoke with his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be payable on a lease extension were George to invoke his statutory right. George obtained expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Pagham case:

Last Christmas we were contacted by Dr A Flores , who was assigned a lease of a first floor apartment in Pagham in February 1998. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparable properties in Pagham with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease ran out on 19 July 2101. Taking into account 75 years unexpired we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Pagham case:

In 2009 we were phoned by Ms Francesca Phillips who, having completed a studio apartment in Pagham in January 1996. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical flats in Pagham with a long lease were worth £168,800. The mid-range amount of ground rent was £60 billed annually. The lease ended on 24 March 2081. Considering the 55 years outstanding we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.