Main reasons to start your Bletchley lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Bletchley lease terms. Bletchley leaseholds that have a remaining term less than than eighty years will drop in market price even faster, and the cost of extending your lease will increase.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once the residual lease term goes under a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant if you are wanting to remortgage your Bletchley home.

What makes us experts in Bletchley lease extensions?

Using our service will provide you better control over the value of your Bletchley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bletchley Lease Extension Case Summaries:

Bethan, Bletchley, Buckinghamshire,

After lengthy negotiations with the freeholder of her leasehold flat in Bletchley, Bethan started the lease extension process as the 80 year threshold was swiftly coming. The legal work was concluded in January 2014. The landlord’s fees were kept to an absolute minimum.

Bletchley case:

Last Summer we were e-mailed by Mr Ali Leroy , who purchased a ground floor flat in Bletchley in February 2007. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable flats in Bletchley with 100 year plus lease were valued around £245,000. The mid-range amount of ground rent was £50 collected quarterly. The lease terminated in 2094. Given that there were 68 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including costs.

Bletchley case:

Dr Cameron Thompson completed a ground floor flat in Bletchley in October 2006. The dilemma was if we could approximate the price would be for a ninety year extension to my lease. Identical homes in Bletchley with a long lease were in the region of £285,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease ran out on 21 May 2105. Considering the 79 years unexpired we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including costs.