Why you should commence your Ventnor lease extension

Top reasons for lease extension now:

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

Ventnor leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. The majority of owners of residential leasehold property in Ventnor enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ventnor you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Ventnor leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Ventnor with more than 100 years unexpired on the lease are sometimes 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 upside in buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may decide not to finance a property with a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should be conscious that it is likely that someone intending to acquire your property in the future might well do, so if they are not able to obtain a mortgage, then the financial worth of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to accept

What makes us experts in Ventnor lease extensions?

Lease extensions in Ventnor can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Ventnor lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ventnor Lease Extension Case Summaries:

Laura, Ventnor, Isle Of Wight,

In the wake of eight months of lengthy negotiations with the freeholder of her first floor apartment in Ventnor, Laura started the lease extension process just as her lease was coming close to the critical eighty-year mark. The legal work was finalised in March 2013. The freeholder’s charges were negotiated to slightly above 600 GBP.

Ventnor case:

In 2010 we were contacted by Mr and Mrs. P Wright who, having was assigned a lease of a purpose-built apartment in Ventnor in September 1997. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Identical properties in Ventnor with a long lease were valued about £256,600. The mid-range amount of ground rent was £60 invoiced yearly. The lease ran out in 2078. Having 52 years unexpired we approximated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 not including legals.

Ventnor case:

Mrs G Cox purchased a studio apartment in Ventnor in March 2008. The question was if we could estimate the premium would be for a ninety year lease extension. Comparative premises in Ventnor with an extended lease were in the region of £218,000. The mid-range amount of ground rent was £45 invoiced annually. The lease lapsed in 2089. Given that there were 63 years remaining we approximated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 exclusive of legals.