Main reasons to commence your West Wittering lease extension

Main reasons to commence your West Wittering lease extension today:

Increase your lease and increase your West Wittering property value

As the the remaining lease term of a West Wittering residential lease lessens so does its value and therefore the value of your property. Where the lease has, over 125 years remaining then this decrease may be negligible that being said there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should consider extending sooner rather than later. Many flat owners in West Wittering will qualify for this right; nevertheless a lawyer should be able to advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in West Wittering with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders will not finance a property with a short lease

Most mortgage companies will be unwilling to lend on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your West Wittering property becoming difficult to sell or to obtain finance on.

What makes us experts in West Wittering lease extensions?

Lease extensions in West Wittering can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring West Wittering lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Wittering Lease Extension Case Studies:

Georgina, West Wittering, West Sussex,

After unsuccessful discussions with the freeholder of her first floor flat in West Wittering, Georgina commenced the lease extension process as the 80 year threshold was rapidly advancing. The legal work completed in May 2012. The landlord’s costs were negotiated to less than 550 pounds.

West Wittering case:

Ms T Norbert completed a garden apartment in West Wittering in August 1997. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative premises in West Wittering with 100 year plus lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease concluded on 26 September 2098. Taking into account 72 years remaining we calculated the premium to the freeholder to extend the lease to be between £11,400 and £13,200 exclusive of costs.

West Wittering case:

Last Christmas we were approach by Mr Harvey Lee , who owned a garden apartment in West Wittering in April 1997. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in West Wittering with 100 year plus lease were valued about £233,200. The mid-range ground rent payable was £60 billed every twelve months. The lease ended on 5 November 2087. Taking into account 61 years unexpired we approximated the premium to the landlord for the lease extension to be between £22,800 and £26,400 not including professional charges.