Top reasons for Poole lease extension

Why you should commence your Poole lease extension today:

Increase your lease and increase your Poole property value

Poole 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 becomes more expensive. It is the case that most Poole tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Poole you must check if your lease has between 70 and ninety years remaining. There are good reasons why a Poole flat owner with a lease having around eighty years left should take steps to ensure that a lease extension is effected without delay

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to loan monies on a short lease

Almost all mortgage companies will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your Poole property being difficult to dispose of or remortgage.

Why use us for your lease extension in Poole?

The conveyancers that we work with procure Poole lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Poole Lease Extension Example Cases:

Isabella, Poole, Dorset,

Following unsuccessful discussions with the landlord of her first floor flat in Poole, Isabella commenced the lease extension process just as the lease was coming close to the critical eighty-year mark. The legal work was finalised in November 2012. The freeholder’s fees were kept to an absolute minimum.

Poole case:

Dr Jennifer Hall owned a ground floor flat in Poole in June 2001. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Similar flats in Poole with an extended lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected annually. The lease termination date was in 2083. Taking into account 57 years as a residual term we approximated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 not including professional charges.

Poole case:

Mr and Mrs. H André purchased a studio flat in Poole in May 2000. We are asked if we could approximate the compensation to the landlord would likely be for a 90 year lease extension. Similar flats in Poole with an extended lease were in the region of £245,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease came to a finish in 2094. Given that there were 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.