Top reasons for Ampthill lease extension

Main reasons to start your Ampthill lease extension today:

A Ampthill lease depreciates with the years remaining on the lease.

Ampthill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Ampthill enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Ampthill you would be well advised to investigate if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold residencies in Ampthill with over one hundred years unexpired 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 to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that many flats in Ampthill were created in the fifties, sixties and seventies as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Ampthill lease extensions?

Regardless of whether you are a tenant or a landlord in Ampthill,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ampthill valuers.

Ampthill Lease Extension Case Summaries:

Alfie, Ampthill, Bedfordshire,

Alfie owned a conversion apartment in Ampthill being sold with a lease of fraction over 59 years remaining. Alfie on an informal basis approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Alfie to invoke his statutory right. Alfie obtained expert legal guidance and secured an acceptable resolution informally and sell the flat.

Ampthill case:

Mrs Rosie Leroy owned a ground floor flat in Ampthill in October 2002. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Identical premises in Ampthill with 100 year plus lease were worth £220,400. The average amount of ground rent was £45 billed yearly. The lease elapsed on 19 May 2090. Considering the 64 years remaining we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 exclusive of fees.

Ampthill case:

Mr and Mrs. S Moreau was assigned a lease of a garden apartment in Ampthill in May 1997. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Identical flats in Ampthill with an extended lease were valued around £270,000. The average ground rent payable was £55 billed every twelve months. The lease termination date was on 14 September 2101. Taking into account 75 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.