Main reasons to commence your Wimborne lease extension

Main reasons to commence your Wimborne lease extension today:

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

Wimborne leases on domestic deteriorating in value. if your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Wimborne will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and formalities to follow once the process has started so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Wimborne lease extensions?

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

Wimborne Lease Extension Case Studies:

Poppy, Wimborne, Dorset,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her first floor apartment in Wimborne, Poppy commenced the lease extension process as the 80 year deadline was fast approaching. The lease extension was concluded in June 2015. The landlord’s charges were kept to an absolute minimum.

Wimborne case:

Mr and Mrs. G Bernard moved into a purpose-built flat in Wimborne in September 2003. We are asked if we could approximate the price could be to prolong the lease by an additional years. Comparative flats in Wimborne with 100 year plus lease were valued about £208,600. The mid-range ground rent payable was £60 billed per annum. The lease expired on 8 July 2082. Taking into account 57 years unexpired we approximated the premium to the freeholder to extend the lease to be between £30,400 and £35,200 not including professional charges.

Wimborne case:

In 2009 we were e-mailed by Mr and Mrs. F Gómez who, having was assigned a lease of a ground floor apartment in Wimborne in June 1996. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Comparable residencies in Wimborne with an extended lease were in the region of £200,000. The average ground rent payable was £50 collected yearly. The lease expiry date was on 18 June 2102. Taking into account 77 years outstanding we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of expenses.