Top reasons for Winchester lease extension

Why you should commence your Winchester lease extension today:

Increase your lease and increase your Winchester property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Winchester have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. Please think carefully before delaying your Winchester lease extension. Shelving that expense now simply escalates the premium you will eventually have to pay for a lease extension.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies with a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Given that plenty of flats in Winchester were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Winchester lease extensions?

Regardless of whether you are a tenant or a landlord in Winchester,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Winchester valuers.

Winchester Lease Extension Example Cases:

Lucas, Winchester, Hampshire

Half a year ago Lucas, started to get close to the 80-year mark with the lease on his one bedroom apartment in Winchester. In buying his flat two decades ago, the unexpired term was of no importance. Thankfully, he recognised he would soon be paying way over the odds for Extending the lease. Lucas arranged for a lease extension just ahead of time last March. Lucas and the landlord in the end settled on the final figure of £5,500 . If the lease had fallen lower than eighty years, the price would have increased by at least £1,100.

Winchester case:

In 2014 we were phoned by Mr and Mrs. J White who, having owned a studio apartment in Winchester in May 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Winchester with 100 year plus lease were valued around £218,400. The average amount of ground rent was £60 collected quarterly. The lease came to a finish on 16 September 2085. Taking into account 59 years as a residual term we approximated the premium to the landlord to extend the lease to be between £27,600 and £31,800 plus professional charges.

Winchester case:

Last Summer we were called by Mr and Mrs. B Howard , who bought a newly refurbished apartment in Winchester in August 1999. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Identical homes in Winchester with a long lease were in the region of £205,000. The mid-range amount of ground rent was £50 collected quarterly. The lease concluded on 3 February 2105. Given that there were 79 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus professional charges.