Why you should start your Warsash lease extension

Main reasons to start your Warsash lease extension today:

Increase your lease and increase your Warsash property value

The closer a residential lease in Warsash gets to zero years unexpired, the more it reduces the value of the property. If the lease has, over 99 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should consider extending without delay. Most flat owners in Warsash will qualify for this right; however a conveyancing solicitor can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lenders may not loan monies with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Warsash property being difficult to dispose of or to obtain finance on.

Get in touch with one of our Warsash lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a freeholder in Warsash,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Warsash valuers.

Warsash Lease Extension Case Summaries:

Cameron, Warsash, Hampshire,

Cameron owned a high value flat in Warsash being sold with a lease of just over sixty years remaining. Cameron informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Cameron to invoke his statutory right. Cameron obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.

Warsash case:

Dr Milo Norbert moved into a studio apartment in Warsash in February 1998. The question was if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Similar properties in Warsash with an extended lease were worth £265,200. The average amount of ground rent was £65 billed yearly. The lease elapsed on 4 April 2092. Considering the 66 years outstanding we calculated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 exclusive of expenses.

Warsash case:

In 2013 we were phoned by Mr and Mrs. A Lee who, having acquired a first floor flat in Warsash in July 2009. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Identical residencies in Warsash with a long lease were valued about £198,800. The average ground rent payable was £55 collected monthly. The lease end date was on 3 March 2081. Taking into account 55 years left we calculated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 not including professional charges.