Top reasons for Cranfield lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cranfield property value

The market value of Cranfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

Cranfield property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone wishing to buy your property in the future might well do, so if they are unable to get a mortgage, then the market price of the property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Cranfield lease extensions?

Lease extensions in Cranfield can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience procuring Cranfield lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Cranfield Lease Extension Case Summaries:

Ben, Cranfield, Bedfordshire

Last October Ben, started to get close to the 80-year mark with the lease on his studio apartment in Cranfield. In buying his flat two decades ago, the unexpired term was of minimal bearing. As luck would have it, he realised he would imminently be paying an escalated premium for Extending the lease. Ben arranged for a lease extension just ahead of time last April. Ben and the landlord who owned the flat above ultimately agreed on the final figure of £5,000 . If he had missed the deadline, the premium would have escalated by at least £1,125.

Cranfield case:

Mrs Megan Peterson moved into a studio apartment in Cranfield in April 2001. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparative flats in Cranfield with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced annually. The lease came to a finish in 2092. Given that there were 66 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.

Cranfield case:

In 2010 we were phoned by Mr and Mrs. O Simon who, having took over the lease of a one bedroom flat in Cranfield in July 2003. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable flats in Cranfield with an extended lease were in the region of £275,000. The average ground rent payable was £55 invoiced annually. The lease came to a finish on 13 October 2103. Taking into account 77 years left we approximated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.