Why you should commence your Charmouth lease extension

Main reasons to start your Charmouth lease extension today:

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

Chances are that if you own a flat in Charmouth you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Charmouth?

Engaging our service will provide you better control over the value of your Charmouth leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Charmouth Lease Extension Example Cases:

Dylan, Charmouth, Dorset

In recent months Dylan, started to get near to the 80-year mark with the lease on his ground floor flat in Charmouth. In buying his home twenty years previously, the lease term was of no bearing. As luck would have it, it dawned on him that he needed to take steps soon on Extending the lease. Dylan was able to extend his lease just under the wire in August. Dylan and the freeholder via the management company eventually settled on the final figure of £5,000 . If the lease had descended to less than eighty years, the price would have increased by at least £1,025.

Charmouth case:

Mr and Mrs. W Bailey owned a first floor apartment in Charmouth in June 1997. We are asked if we could approximate the price could be for a 90 year lease extension. Identical premises in Charmouth with a long lease were valued about £280,000. The mid-range ground rent payable was £45 collected annually. The lease finished in 2095. Taking into account 69 years outstanding we calculated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.

Charmouth case:

Dr O García bought a first floor apartment in Charmouth in November 2011. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Similar residencies in Charmouth with an extended lease were in the region of £216,000. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish in 2084. Given that there were 58 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.