Why you should start your West Wittering lease extension

Main reasons to start your West Wittering lease extension today:

A West Wittering lease depreciates with the years remaining on the lease.

The market value of a leasehold property in West Wittering is impacted by how many years the lease has remaining. If it is close to or fewer than 80 years you should expect problems on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. Ideally one should start the process of extending the lease is when a lease still has 82 years to run so that all matters can be concluded prior to the eighty year mark. Leasehold Reform legislation entitles West Wittering qualifying lessees to an additional term of 90 years over and above the existing term, at a peppercorn rent (no ground rent). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have at least 60 if not 70 years remaining once the mortgage has expired. Given that many flats in West Wittering were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

What makes us experts in West Wittering lease extensions?

Using our service will provide you better control over the value of your West Wittering leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

West Wittering Lease Extension Case Studies:

Isabella, West Wittering, West Sussex,

Following unsuccessful negotiations with the landlord of her leasehold flat in West Wittering, Isabella commenced the lease extension process as the 80 year deadline was fast coming. The legal work was finalised in April 2007. The landlord’s charges were negotiated to under 450 pounds.

West Wittering case:

In 2010 we were phoned by Dr William Bonnet who, having was assigned a lease of a basement flat in West Wittering in April 2002. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Comparative homes in West Wittering with a long lease were worth £189,000. The average ground rent payable was £55 collected quarterly. The lease elapsed on 6 May 2079. Given that there were 53 years remaining we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 not including costs.

West Wittering case:

Last Autumn we were approach by Mr and Mrs. E Adams , who took over the lease of a ground floor apartment in West Wittering in October 1995. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar residencies in West Wittering with 100 year plus lease were valued around £290,000. The average amount of ground rent was £45 billed monthly. The lease concluded on 7 March 2099. Having 73 years as a residual term we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus legals.