Top reasons for Winchester lease extension

Main reasons to commence your Winchester lease extension today:

A Winchester leasehold property depreciates with the years remaining on the lease.

There is no doubt about it a leasehold flat or house in Winchester is a wasting asset as a result of the shortening lease. If the residual term has, more than 125 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease without delay. Most flat owners in Winchester will meet the qualifying criteria; that being said a conveyancer can confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may not grant a mortgage with 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 become jittery at around 75 years. This will cause difficulties as and when you come to sell or remortgage your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your purchaser will have to wait 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Winchester?

Lease extensions in Winchester can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

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 dealing with Winchester lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Winchester Lease Extension Example Cases:

Paige, Winchester, Hampshire,

Off the back of unsuccessful discussions with the landlord of her purpose-built flat in Winchester, Paige commenced the lease extension process as the 80 year deadline was rapidly approaching. The transaction was concluded in October 2006. The landlord’s costs were negotiated to slightly above 550 GBP.

Winchester case:

In 2009 we were called by Dr Aiden Simon who, having moved into a one bedroom flat in Winchester in January 1996. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Comparative flats in Winchester with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected every twelve months. The lease end date was in 2104. Having 78 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.

Winchester case:

Mr Callum Rose moved into a basement apartment in Winchester in June 2001. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar premises in Winchester with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 collected monthly. The lease came to a finish on 28 September 2093. Considering the 67 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 plus fees.