Why you should commence your Shoreham By Sea lease extension

Why you should start your Shoreham By Sea lease extension today:

A Shoreham By Sea lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Shoreham By Sea. Inevitably, the period of lease left reduces over time. This is often ignored and only raises itself as an issue when the residence has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying leaseholders in Shoreham By Sea have the legal entitlement to extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Shoreham By Sea lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Shoreham By Sea with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may not issue a mortgage with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Shoreham By Sea property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Shoreham By Sea?

Engaging our service will provide you increased control over the value of your Shoreham By Sea leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Shoreham By Sea Lease Extension Example Cases:

Toby, Shoreham By Sea, West Sussex

Last year Toby, came seriously near to the eighty-year threshold with the lease on his basement flat in Shoreham By Sea. Having purchased his property two decades ago, the length of the lease was of minimal relevance. Fortunately, he recognised he needed to take action soon on Extending the lease. Toby arranged for a lease extension just ahead of time last September. Toby and the landlord who owned the flat above subsequently settled on a premium of £5,000 . If the lease had dipped below 80 years, the sum would have escalated by a minimum £1,100.

Shoreham By Sea case:

Mr and Mrs. R Wright acquired a one bedroom flat in Shoreham By Sea in July 2001. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical premises in Shoreham By Sea with an extended lease were worth £245,000. The average ground rent payable was £45 invoiced yearly. The lease lapsed in 2094. Considering the 68 years unexpired we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Shoreham By Sea case:

Last year we were contacted by Ms Aimee Gray , who purchased a one bedroom apartment in Shoreham By Sea in September 2008. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Comparative properties in Shoreham By Sea with an extended lease were worth £285,000. The mid-range ground rent payable was £55 invoiced annually. The lease concluded on 21 February 2105. Having 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.