Main reasons to commence your Winterbourne lease extension

Main reasons to commence your Winterbourne lease extension today:

Increase your lease and increase your Winterbourne property value

Winterbourne leases on residential deteriorating in value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. An important point to note is that it is desirable for a lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. Flat owners in Winterbourne will mostly qualify for a lease extension; however a solicitor will check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold premises in Winterbourne with more than one hundred years left 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 home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not lend with a short lease

The propensity since over the last decade has been for banks to tighten lending criteria across the board - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Get in touch with one of our Winterbourne lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Winterbourne leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Winterbourne Lease Extension Example Cases:

Ella, Winterbourne, Gloucestershire,

Off the back of protracted correspondence with the freeholder of her ground floor apartment in Winterbourne, Ella commenced the lease extension process as the eighty year mark was swiftly advancing. The lease extension was concluded in November 2012. The landlord’s charges were restricted to below 700 pounds.

Winterbourne case:

Mrs Gemma Stewart acquired a basement flat in Winterbourne in July 2004. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical premises in Winterbourne with 100 year plus lease were valued around £285,000. The average ground rent payable was £45 collected yearly. The lease elapsed in 2097. Taking into account 72 years remaining we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.

Winterbourne case:

Last month we were e-mailed by Mrs Y Thomas , who bought a recently refurbished apartment in Winterbourne in October 2004. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Identical premises in Winterbourne with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 collected per annum. The lease expired on 14 April 2086. Considering the 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 not including fees.