Main reasons to start your Lytchett Matravers lease extension

Main reasons to commence your Lytchett Matravers lease extension today:

Increase your lease and increase your Lytchett Matravers property value

Lytchett Matravers leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Lytchett Matravers enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Lytchett Matravers you really ought to check if your lease has between 70 and ninety years remaining. There are good reasons why a Lytchett Matravers flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is actioned without delay

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

Leasehold premises in Lytchett Matravers with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Lytchett Matravers were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

What makes us experts in Lytchett Matravers lease extensions?

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

Lytchett Matravers Lease Extension Example Cases:

Bethan, Lytchett Matravers, Dorset,

After unsuccessful discussions with the freeholder of her purpose-built apartment in Lytchett Matravers, Bethan initiated the lease extension process as the 80 year mark was rapidly nearing. The lease extension was concluded in February 2015. The freeholder’s charges were negotiated to slightly above 700 pounds.

Lytchett Matravers case:

Last month we were contacted by Mrs Sian Petit , who took over the lease of a recently refurbished apartment in Lytchett Matravers in October 2005. The dilemma was if we could shed any light on how much (roughly) premium would likely be to extend the lease by 90 years. Similar homes in Lytchett Matravers with an extended lease were in the region of £193,400. The mid-range amount of ground rent was £65 billed annually. The lease terminated on 22 February 2085. Taking into account 59 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including fees.

Lytchett Matravers case:

Last month we were contacted by Dr M Hernández , who owned a garden flat in Lytchett Matravers in July 1998. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparable residencies in Lytchett Matravers with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 billed every twelve months. The lease ran out on 22 February 2096. Considering the 70 years remaining we calculated the premium to the freeholder for the lease extension to be within £10,500 and £12,000 not including costs.