Top reasons for Clophill lease extension

Main reasons to start your Clophill lease extension today:

Increase your lease and increase your Clophill property value

Chances are that if you own a flat in Clophill you actually own a long leasehold interest over your property

Clophill property with a lease extension is almost the same value as a freehold

Leasehold premises in Clophill with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become nervous at around 75 years. This may cause difficulties as and when you need to sell or remortgage your property as it will be practically unmortgageable. You may not have an immediate plan to sell but when you do your purchaser will have to wait two years before being able to exercise the right to a a lease extension.

What makes us experts in Clophill lease extensions?

Irrespective of whether you are a tenant or a freeholder in Clophill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Clophill valuers.

Clophill Lease Extension Example Cases:

Riley, Clophill, Bedfordshire,

Riley owned a conversion flat in Clophill being marketed with a lease of fraction over 61 years remaining. Riley informally spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Riley to exercise his statutory right. Riley procured expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Clophill case:

Last Summer we were called by Mrs Bethan Murphy , who owned a basement flat in Clophill in February 2002. We are asked if we could approximate the price could be to prolong the lease by 90 years. Similar residencies in Clophill with an extended lease were valued around £210,600. The average ground rent payable was £45 collected annually. The lease concluded on 26 September 2088. Considering the 62 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £18,100 and £20,800 plus fees.

Clophill case:

Last Autumn we were called by Mr Ryan Simon , who moved into a garden apartment in Clophill in October 2011. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparative flats in Clophill with an extended lease were worth £260,000. The mid-range ground rent payable was £50 collected quarterly. The lease lapsed on 28 October 2099. Having 73 years left we calculated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus legals.