Why you should commence your Poole lease extension

Top reasons for lease extension now:

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

Poole leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. If lease term is under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Poole will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check if you qualify. In some circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Poole?

Lease extensions in Poole can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Poole lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Poole Lease Extension Example Cases:

Louise, Poole, Dorset,

After protracted discussions with the freeholder of her ground floor flat in Poole, Louise started the lease extension process just as her lease was approaching the all-important 80-year mark. The transaction completed in September 2011. The landlord’s fees were kept to an absolute minimum.

Poole case:

In 2010 we were approached by Dr S Anderson who, having bought a one bedroom flat in Poole in July 1999. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical homes in Poole with 100 year plus lease were in the region of £227,800. The mid-range ground rent payable was £45 collected yearly. The lease finished in 2091. Considering the 65 years remaining we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus costs.

Poole case:

Last Summer we were phoned by Mr and Mrs. J Bertrand , who moved into a purpose-built flat in Poole in November 2010. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Identical residencies in Poole with a long lease were worth £275,000. The mid-range ground rent payable was £55 billed annually. The lease elapsed in 2102. Having 76 years as a residual term we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of fees.