Main reasons to start your Waterlooville lease extension

Why you should commence your Waterlooville lease extension today:

Increase your lease and increase your Waterlooville property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Waterlooville. Clearly, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the residence has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Qualifying long lease owners in Waterlooville have the legal entitlement to extend the lease for a further ninety years in accordance with statute. You should give careful deliberation before putting off your Waterlooville lease extension. Putting off that expense now likely increases the price you will eventually incur to extend your lease

Waterlooville property with a lease extension has roughly the same value as a freehold

Leasehold properties in Waterlooville with over 100 years outstanding on the lease are often 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 freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not lend with a short lease

Mortgage lenders have set criteria when lending funds charged on leasehold homes. Some will simply not lend at all once the residual lease term falls under a specified unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Waterlooville property.

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

Engaging our service gives you increased control over the value of your Waterlooville leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Waterlooville Lease Extension Case Studies:

Rachel, Waterlooville, Hampshire,

In the wake of eight months of lengthy correspondence with the landlord of her purpose-built apartment in Waterlooville, Rachel started the lease extension process as the eighty year deadline was quickly coming. The lease extension completed in January 2013. The landlord’s costs were kept to an absolute minimum.

Waterlooville case:

Last Summer we were called by Mr Y Dupont , who was assigned a lease of a one bedroom flat in Waterlooville in August 2012. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar homes in Waterlooville with a long lease were valued about £210,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease termination date was in 2106. Considering the 80 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Waterlooville case:

In 2013 we were e-mailed by Mr and Mrs. L Mercier who, having acquired a ground floor flat in Waterlooville in April 2010. We are asked if we could estimate the compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Waterlooville with a long lease were worth £280,000. The average amount of ground rent was £45 collected yearly. The lease concluded in 2095. Having 69 years left we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.