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Top reasons for Portsmouth lease extension

Main reasons to commence your Portsmouth lease extension today:

A Portsmouth leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Portsmouth you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same 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 in the future.

Banks and Building Societies will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic once you wish to sell or refinance your property as it will be practically unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for a couple of years before being able to commence the legal procedures for an extension to the lease.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Portsmouth?

Engaging our service gives you better control over the value of your Portsmouth leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Portsmouth Lease Extension Case Studies:

Morgan, Portsmouth, Hampshire,

Subsequent to protracted correspondence with the landlord of her studio apartment in Portsmouth, Morgan started the lease extension process as the eighty year threshold was fast approaching. The transaction was concluded in July 2006. The landlord’s costs were restricted to a tad over 550 GBP.

Portsmouth case:

Mr and Mrs. K Edwards purchased a first floor flat in Portsmouth in September 1997. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Portsmouth with a long lease were in the region of £176,200. The mid-range ground rent payable was £65 billed monthly. The lease lapsed in 2081. Having 56 years left we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 not including fees.

Portsmouth case:

Mr Milo Pérez acquired a studio apartment in Portsmouth in February 2002. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable properties in Portsmouth with an extended lease were worth £237,600. The mid-range ground rent payable was £45 collected yearly. The lease came to a finish on 23 June 2092. Given that there were 67 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of costs.