Why you should commence your Warsash lease extension

Why you should commence your Warsash lease extension today:

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

When it comes to long leasehold property in Warsash, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately greater especially when there are fewer than 80 years left. Anyone in Warsash with a lease approaching 81 years left should seriously consider extending it as soon as possible. When a lease has fewer than 80 years left, under the relevant legislation the landlord is entitled to calculate and charge a larger premium, assessed on a technical calculation, strangely termed 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 over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably experience difficulties where you want to sell your flat in Warsash if the remaining term of your lease is below the criteria set by the majority of lenders. Different lenders have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Warsash?

Irrespective of whether you are a tenant or a landlord in Warsash,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Warsash valuers.

Warsash Lease Extension Example Cases:

Blake, Warsash, Hampshire

Two years ago Blake, started to get near to the 80-year threshold with the lease on his first floor apartment in Warsash. In buying his flat 18 years previously, the lease term was of no significance. by good luck, he recognised he needed to take action soon on Extending the lease. Blake arranged for a lease extension just in the nick of time in June. Blake and the freeholder via the management company subsequently agreed on the final figure of £6,000 . If the lease had fallen to less than 80 years, the premium would have increased by a minimum £975.

Warsash case:

Last month we were contacted by Dr R Martinez , who acquired a newly refurbished flat in Warsash in February 2002. The dilemma was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar flats in Warsash with a long lease were valued about £191,400. The mid-range ground rent payable was £55 collected annually. The lease finished on 11 April 2080. Considering the 54 years left we calculated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 exclusive of expenses.

Warsash case:

Last month we were e-mailed by Mr and Mrs. E Cook , who took over the lease of a garden apartment in Warsash in August 2011. We are asked if we could estimate the premium would likely be to extend the lease by a further 90 years. Similar flats in Warsash with an extended lease were in the region of £295,000. The average ground rent payable was £45 invoiced every twelve months. The lease ended in 2100. Given that there were 74 years unexpired we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.