Why you should commence your Poole lease extension

Main reasons to start your Poole lease extension today:

Increase your lease and increase your Poole property value

The value of Poole leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the remaining term is below than eighty years

An extended lease is almost the same value as a freehold

Leasehold properties in Poole with more than 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Poole with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Poole?

Irrespective of whether you are a tenant or a freeholder in Poole,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Poole valuers.

Poole Lease Extension Example Cases:

Isobel, Poole, Dorset,

Subsequent to unsuccessful negotiations with the landlord of her leasehold apartment in Poole, Isobel initiated the lease extension process as the 80 year mark was swiftly approaching. The lease extension was concluded in February 2006. The landlord’s costs were negotiated to slightly above 600 pounds.

Poole case:

Last Summer we were e-mailed by Mr Theo Cook , who took over the lease of a one bedroom flat in Poole in May 1998. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable properties in Poole with a long lease were worth £203,200. The average ground rent payable was £65 billed every twelve months. The lease expiry date was in 2087. Given that there were 61 years remaining we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 not including expenses.

Poole case:

Last year we were contacted by Ms R Michel , who acquired a garden apartment in Poole in November 2005. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparative premises in Poole with 100 year plus lease were in the region of £260,000. The average amount of ground rent was £50 billed monthly. The lease elapsed on 22 August 2098. Given that there were 72 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.