Main reasons to start your Cranfield lease extension

Top reasons for lease extension now:

A Cranfield lease depreciates with the years remaining on the lease.

Cranfield residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

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

Leasehold premises in Cranfield with over one hundred years left on the lease are often 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 purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not grant a mortgage on a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as unacceptable for lending purposes.

Get in touch with one of our Cranfield lease extension solicitors or enfranchisement solicitors

Lease extensions in Cranfield can be a difficult process. We recommend you get professional help 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 Example Cases:

Alfie, Cranfield, Bedfordshire

Last Christmas Alfie, started to get close to the eighty-year mark with the lease on his two bedroom flat in Cranfield. In buying his property 19 years previously, the unexpired term was of no importance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Alfie was able to extend his lease just in the nick of time last May. Alfie and the freeholder eventually agreed on an amount of £5,500 . If he not met the deadline, the price would have increased by a minimum £925.

Cranfield case:

Last Summer we were called by Mr and Mrs. U Kelly , who took over the lease of a studio flat in Cranfield in April 1998. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar premises in Cranfield with a long lease were worth £280,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ended on 22 July 2104. Having 78 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.

Cranfield case:

Last Christmas we were called by Dr Leah Garcia , who purchased a garden apartment in Cranfield in March 2001. We are asked if we could estimate the price could be to extend the lease by an additional years. Identical residencies in Cranfield with an extended lease were worth £186,000. The average amount of ground rent was £65 billed yearly. The lease ended on 3 May 2084. Having 58 years left we calculated the compensation to the landlord to extend the lease to be within £24,700 and £28,600 exclusive of costs.