Why you should start your Clophill lease extension

Why you should commence your Clophill lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Clophill can extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your Clophill lease extension. Putting off that expense today simply increases the amount you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold properties in Clophill with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may not finance a property on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be aware that it is probable that someone intending to purchase your property in the future might well do, so where they are not able to get a mortgage, then the financial worth of the property will likely suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Clophill?

Lease extensions in Clophill can be a difficult process. We recommend you obtain guidance from a conveyancer 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 in-depth market knowledge dealing with Clophill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Clophill Lease Extension Case Studies:

Jasper, Clophill, Bedfordshire,

Jasper owned a conversion flat in Clophill being marketed with a lease of just over fifty eight years unexpired. Jasper on an informal basis spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jasper to exercise his statutory right. Jasper procured expert advice and secured satisfactory resolution informally and sell the property.

Clophill case:

Last June we were contacted by Ms Georgia Richardson , who completed a one bedroom apartment in Clophill in November 1998. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Clophill with a long lease were in the region of £250,000. The mid-range ground rent payable was £50 collected yearly. The lease ran out in 2096. Having 70 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.

Clophill case:

In 2014 we were approached by Mr B Rogers who, having acquired a basement flat in Clophill in March 2004. The question was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable residencies in Clophill with a long lease were valued around £246,800. The average amount of ground rent was £60 billed yearly. The lease lapsed in 2076. Considering the 50 years unexpired we calculated the premium to the landlord for the lease extension to be within £44,700 and £51,600 not including legals.