Top reasons for Cranfield lease extension

Why you should commence your Cranfield lease extension today:

Increase your lease and increase your Cranfield property value

Cranfield leases on residential properties are gradually losing value. if your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for the lease extension to take place before the term of the current lease falls under 80 years - otherwise a higher amount will be payable. Flat owners in Cranfield will usually qualify for a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

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

Leasehold properties in Cranfield with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to finance a property on a short lease

Banks and building societies are tightening their criteria and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. As many flats in Cranfield were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Cranfield lease extensions?

Irrespective of whether you are a tenant or a freeholder in Cranfield,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 Cranfield valuers.

Cranfield Lease Extension Case Summaries:

Riley, Cranfield, Bedfordshire

Two years ago Riley, started to get close to the 80-year mark with the lease on his one bedroom apartment in Cranfield. In buying his home two decades ago, the unexpired term was of minimal bearing. Fortunately, he noticed he needed to take action soon on a lease extension. Riley arranged for a lease extension just in the nick of time last January. Riley and the landlord ultimately agreed on an amount of £5,500 . If he not met the deadline, the price would have gone up by a minimum £850.

Cranfield case:

Mr and Mrs. V Kelly bought a ground floor flat in Cranfield in November 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by 90 years. Identical residencies in Cranfield with 100 year plus lease were valued about £255,000. The average amount of ground rent was £50 invoiced yearly. The lease expired on 10 February 2096. Considering the 70 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus professional charges.

Cranfield case:

Mr and Mrs. V Flores completed a first floor apartment in Cranfield in October 2008. The question was if we could approximate the premium would be to prolong the lease by an additional years. Comparative residencies in Cranfield with a long lease were valued about £246,800. The mid-range amount of ground rent was £60 collected quarterly. The lease terminated in 2076. Taking into account 50 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £44,700 and £51,600 exclusive of fees.