Why you should commence your Wareham lease extension

Main reasons to commence your Wareham lease extension today:

A Wareham lease depreciates with the years remaining on the lease.

With a residential leasehold property in Wareham, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are less than eighty years remaining. Residents in Wareham with a lease drawing near to 81 years remaining should seriously consider extending it without delay. Once a lease has fewer than 80 years remaining, under the relevant legislation the landlord can calculate and levy a greater amount, based on a technical calculation, strangely termed as “marriage value” which is payable.

Wareham property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

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

Lenders will not grant a mortgage on short residential leases. You most probably experience difficulties where you wish to sell your flat in Wareham if the unexpired term of your lease is less than the criteria set by most banks and building societies. Different mortgage companies have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Wareham lease extensions?

Engaging our service gives you better control over the value of your Wareham leasehold, as your property will be more valuable and saleable in respect 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.

Wareham Lease Extension Case Summaries:

Rory, Wareham, Dorset,

Rory was the the leasehold proprietor of a conversion flat in Wareham on the market with a lease of fraction over fifty eight years left. Rory informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory obtained expert legal guidance and secured an acceptable resolution without going to tribunal and sell the flat.

Wareham case:

Dr Leo Ramírez acquired a newly refurbished apartment in Wareham in July 2007. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparable properties in Wareham with 100 year plus lease were worth £198,800. The mid-range amount of ground rent was £55 invoiced yearly. The lease expired on 23 January 2081. Considering the 55 years outstanding we calculated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 not including legals.

Wareham case:

Mr and Mrs. Y Miller owned a studio flat in Wareham in May 2000. The question was if we could approximate the price could be for a 90 year lease extension. Identical flats in Wareham with 100 year plus lease were in the region of £295,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease elapsed in 2101. Given that there were 75 years left we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.