Why you should commence your Ventnor lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ventnor property value

When it comes to domestic leasehold premises in Ventnor, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly particularly once there are fewer than eighty years remaining. Anyone in Ventnor with a lease approaching 81 years unexpired should seriously think of extending it without delay. Once the lease term has below 80 years remaining, under the current legislation the freeholder is entitled to calculate and levy a larger premium, based on a technical calculation, known as “marriage value” which is payable.

An extended lease 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 any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be aware that it is reasonable to assume that someone wishing to buy your property in the future might well do, so if they are unable to get a mortgage, then the financial worth of your property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Ventnor lease extensions?

Retaining our service gives you better control over the value of your Ventnor leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ventnor Lease Extension Example Cases:

Hannah, Ventnor, Isle Of Wight,

Subsequent to protracted correspondence with the landlord of her two bedroom apartment in Ventnor, Hannah commenced the lease extension process just as her lease was coming close to the all-important eighty-year mark. The transaction was concluded in March 2015. The freeholder’s fees were kept to an absolute minimum.

Ventnor case:

Mr and Mrs. B Brown owned a ground floor apartment in Ventnor in October 2009. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable flats in Ventnor with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 billed monthly. The lease elapsed in 2097. Considering the 71 years remaining we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Ventnor case:

Last September we were called by Mr and Mrs. F Wood , who completed a studio flat in Ventnor in May 2010. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative homes in Ventnor with an extended lease were valued around £254,200. The average amount of ground rent was £60 collected monthly. The lease lapsed on 28 July 2077. Considering the 51 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £43,700 and £50,600 exclusive of professional charges.