Why you should start your West Dean lease extension

Why you should start your West Dean lease extension today:

Increase your lease and increase your West Dean property value

The market value of a leasehold property in West Dean depends on how many years the lease has left to run. If it is near to or less than 80 years you should anticipate problems on re-sale, so it is advisable to arrange for a lease extension ahead of purchasing. It is preferable to commence the lease extension process when the lease still has 82 years to run so that a lease extension can be addressed in advance of the eighty year threshold. Statute entitles West Dean qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a further term of ninety years. The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not finance a property with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

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

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

West Dean Lease Extension Example Cases:

Stephanie, West Dean, Gloucestershire,

After protracted discussions with the landlord of her one bedroom flat in West Dean, Stephanie started the lease extension process as the 80 year deadline was quickly advancing. The lease extension was finalised in August 2011. The freeholder’s charges were negotiated to about 600 GBP.

West Dean case:

Last Summer we were e-mailed by Dr K Roux , who moved into a one bedroom apartment in West Dean in April 2003. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparative flats in West Dean with an extended lease were valued around £245,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease lapsed in 2094. Given that there were 68 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

West Dean case:

Mr and Mrs. C Allen acquired a purpose-built apartment in West Dean in July 2004. We are asked if we could approximate the price could be to extend the lease by ninety years. Identical homes in West Dean with 100 year plus lease were worth £285,000. The mid-range ground rent payable was £55 billed yearly. The lease expired in 2105. Having 79 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.