Top reasons for Bletchley lease extension

Main reasons to commence your Bletchley lease extension today:

Increase your lease and increase your Bletchley property value

Bletchley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Bletchley residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bletchley you really ought to see if your lease has between seventy and 90 years left. There are compelling reasons why a Bletchley flat owner with a lease having around 80 years left should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Bletchley with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not issue a mortgage with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wanting to acquire your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Bletchley lease extensions?

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

Bletchley Lease Extension Example Cases:

Kai, Bletchley, Buckinghamshire

Last October Kai, started to get near to the 80-year mark with the lease on his purpose- built flat in Bletchley. Having purchased his flat two decades ago, the unexpired term was of minimal significance. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Kai was able to extend his lease at the eleventh hour last March. Kai and the freeholder in the end settled on a premium of £6,000 . If the lease had dipped to less than eighty years, the price would have gone up by a minimum £975.

Bletchley case:

In 2012 we were called by Dr George Pérez who, having bought a one bedroom apartment in Bletchley in July 1999. We are asked if we could approximate the premium would be for a ninety year lease extension. Comparable premises in Bletchley with a long lease were worth £225,400. The mid-range amount of ground rent was £45 billed monthly. The lease expiry date was in 2090. Considering the 64 years left we approximated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus legals.

Bletchley case:

In 2013 we were called by Dr Jamie Ward who, having completed a purpose-built flat in Bletchley in January 2001. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative properties in Bletchley with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease ran out on 14 October 2101. Given that there were 75 years outstanding we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.