Top reasons for Aylesbury lease extension

Main reasons to start your Aylesbury lease extension today:

Increase your lease and increase your Aylesbury property value

Aylesbury residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Aylesbury with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are really clamping down as regards to homes in Aylesbury with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Get in touch with one of our Aylesbury lease extension solicitors or enfranchisement solicitors

The lawyers that we work with procure Aylesbury 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 lawyer we work with provide it.

Aylesbury Lease Extension Example Cases:

Reuben, Aylesbury, Buckinghamshire,

Reuben owned a high value flat in Aylesbury being marketed with a lease of just over 59 years unexpired. Reuben on an informal basis approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert legal guidance and was able to make an informed decision and handle with the matter and sell the property.

Aylesbury case:

Mrs E Clarke was assigned a lease of a purpose-built apartment in Aylesbury in April 2010. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Identical premises in Aylesbury with 100 year plus lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease finished in 2101. Having 75 years left we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.

Aylesbury case:

Last Winter we were e-mailed by Dr Kian Mason , who moved into a one bedroom flat in Aylesbury in February 2009. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparable flats in Aylesbury with a long lease were worth £250,400. The average ground rent payable was £65 invoiced yearly. The lease lapsed on 14 November 2090. Considering the 64 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £19,000 and £22,000 plus expenses.