Main reasons to commence your Westbourne lease extension

Top reasons for lease extension now:

Increase your lease and increase your Westbourne property value

The value of Westbourne leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is below than 80 years

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

Leasehold residencies in Westbourne with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not issue a mortgage with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Westbourne if the unexpired term of your lease is below the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Westbourne lease extensions?

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

Westbourne Lease Extension Case Summaries:

Victoria, Westbourne, Dorset,

Following unsuccessful correspondence with the freeholder of her first floor apartment in Westbourne, Victoria commenced the lease extension process just as the lease was approaching the all-important eighty-year deadline. The legal work was finalised in April 2005. The freeholder’s charges were kept to an absolute minimum.

Westbourne case:

Dr Ollie Bennett owned a one bedroom flat in Westbourne in September 1996. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by 90 years. Comparative properties in Westbourne with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 billed monthly. The lease termination date was in 2081. Given that there were 55 years remaining we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of expenses.

Westbourne case:

Last Winter we were phoned by Mr M Sharif , who took over the lease of a studio apartment in Westbourne in January 2003. The question was if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar homes in Westbourne with a long lease were worth £295,000. The mid-range amount of ground rent was £50 collected per annum. The lease end date was in 2101. Taking into account 75 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.