Why you should start your Denham lease extension

Main reasons to commence your Denham lease extension today:

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

With a domestic leasehold property in Denham, you are in fact renting it for a certain period of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are less than eighty years remaining. Leasehold owners in Denham with a lease nearing 81 years remaining should seriously consider extending it without delay. When a lease has under 80 years remaining, under the current Act the freeholder can calculate and demand a larger amount, based on a technical computation, strangely termed as “marriage value” which is due.

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage on a short lease

Mortgage lenders have specific criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Denham property.

Why use us for your lease extension in Denham?

Using our service will provide you increased control over the value of your Denham leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Denham Lease Extension Case Studies:

Oliver, Denham, Buckinghamshire,

Oliver was the the leasehold proprietor of a 2 bedroom apartment in Denham being sold with a lease of a little over 59 years unexpired. Oliver on an informal basis spoke with his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Oliver to exercise his statutory right. Oliver obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Denham case:

In 2010 we were approached by Mr and Mrs. E Mason who, having acquired a recently refurbished apartment in Denham in August 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparative flats in Denham with a long lease were worth £243,000. The average amount of ground rent was £65 invoiced per annum. The lease ran out on 17 July 2088. Given that there were 63 years remaining we calculated the compensation to the freeholder for the lease extension to be within £20,000 and £23,000 exclusive of expenses.