Top reasons for Salisbury lease extension

Main reasons to commence your Salisbury lease extension today:

Increase your lease and increase your Salisbury property value

On the balance of probabilities where you own a flat in Salisbury you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold residencies in Salisbury with in excess of 100 years unexpired 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.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lenders do not lend on short residential leases. You are likely to experience problems if you need to sell your flat in Salisbury if the unexpired lease term is less than the criteria set by most banks and building societies. Different lenders have different criteria but on the whole theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Salisbury?

The conveyancers that we work with undertake Salisbury 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 conveyancer we work with provide it.

Salisbury Lease Extension Example Cases:

Oliver, Salisbury, Wiltshire

In 2014 Oliver, came critically close to the eighty-year mark with the lease on his two bedroom apartment in Salisbury. In buying his flat 18 years previously, the unexpired term was of little concern. Fortunately, he noticed he needed to take action soon on a lease extension. Oliver extended the lease just under the wire in September. Oliver and the freeholder ultimately settled on a premium of £6,000 . If the lease had slipped lower than eighty years, the sum would have increased by at least £875.

Salisbury case:

Last year we were called by Mr Muhammad Young , who acquired a studio apartment in Salisbury in November 1997. The question was if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar properties in Salisbury with an extended lease were valued about £285,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease expired in 2097. Considering the 71 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.

Salisbury case:

In 2009 we were e-mailed by Mr and Mrs. N Evans who, having completed a first floor flat in Salisbury in March 2003. The dilemma was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable flats in Salisbury with a long lease were valued around £225,800. The mid-range ground rent payable was £60 invoiced per annum. The lease termination date was in 2086. Given that there were 60 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £25,700 and £29,600 plus costs.