Top reasons for Aylesbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Aylesbury property value

The market value of Aylesbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is less than eighty years

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

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not lend on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold property. Some will simply refuse lend at all once the residual lease term falls lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant if you are wanting to refinance your Aylesbury property.

What makes us experts in Aylesbury lease extensions?

Lease extensions in Aylesbury can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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 a wealth of experience procuring Aylesbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Aylesbury Lease Extension Example Cases:

Blake, Aylesbury, Buckinghamshire

In 2014 Blake, came dangerously near to the eighty-year threshold with the lease on his basement flat in Aylesbury. Having bought his home 18 years ago, the lease term was of no relevance. As luck would have it, he became aware that he needed to take action soon on a lease extension. Blake extended the lease just in the nick of time in January. Blake and the freeholder via the management company ultimately settled on sum of £5,000 . If he not met the deadline, the figure would have gone up by at least £1,050.

Aylesbury case:

Dr Evan Walker took over the lease of a purpose-built apartment in Aylesbury in February 2003. The dilemma was if we could shed any light on how much (roughly) price would likely be to extend the lease by 90 years. Comparable flats in Aylesbury with an extended lease were in the region of £250,400. The average amount of ground rent was £65 collected every twelve months. The lease concluded in 2090. Given that there were 64 years remaining we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 plus costs.

Aylesbury case:

In 2014 we were e-mailed by Mr Aaron Pérez who, having took over the lease of a one bedroom apartment in Aylesbury in February 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparable properties in Aylesbury with 100 year plus lease were in the region of £189,000. The average ground rent payable was £55 collected annually. The lease lapsed on 21 March 2079. Considering the 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of expenses.