Why you should start your Waterlooville lease extension

Why you should commence your Waterlooville lease extension today:

Increase your lease and increase your Waterlooville property value

Waterlooville leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you start incurring an additional element called marriage value. Leasehold owners in Waterlooville will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a residential leasehold with more than 100 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 residence will be worth the same as a freehold for many years ahead.

Lending institutions will not lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will be problematic when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your buyer will need to wait two years before being able to exercise the right to a an extension to the lease.

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

The lawyers that we work with undertake Waterlooville lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Waterlooville Lease Extension Example Cases:

Charlotte, Waterlooville, Hampshire,

Subsequent to unsuccessful correspondence with the freeholder of her purpose-built apartment in Waterlooville, Charlotte started the lease extension process as the eighty year threshold was rapidly advancing. The transaction was concluded in August 2015. The freeholder’s charges were restricted to under 700 pounds.

Waterlooville case:

Dr Y André bought a purpose-built apartment in Waterlooville in July 1995. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparable premises in Waterlooville with a long lease were in the region of £233,200. The average amount of ground rent was £60 collected quarterly. The lease terminated in 2087. Taking into account 61 years outstanding we calculated the premium to the landlord for the lease extension to be between £22,800 and £26,400 plus fees.

Waterlooville case:

Last month we were contacted by Dr Ellen White , who completed a one bedroom apartment in Waterlooville in August 2008. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparative flats in Waterlooville with 100 year plus lease were valued around £171,800. The average amount of ground rent was £55 invoiced monthly. The lease lapsed in 2076. Having 50 years left we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 exclusive of professional charges.