Why you should start your Flitwick lease extension

Why you should start your Flitwick lease extension today:

Increase your lease and increase your Flitwick property value

Unfortunately that a Flitwick residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Flitwick property market.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be payable. Most flat owners in Flitwick will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the formalities.

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

Leasehold properties in Flitwick with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

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

Mortgage companies are inclined not lend on short residential leases. You are likely to encounter problems if you wish to sell your flat in Flitwick if the remaining lease term is under the criteria set by most lenders. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Flitwick?

The lawyers that we work with handle Flitwick lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Flitwick Lease Extension Case Summaries:

Shannon, Flitwick, Bedfordshire,

Trailing protracted correspondence with the freeholder of her purpose-built apartment in Flitwick, Shannon initiated the lease extension process just as her lease was nearing the crucial eighty-year deadline. The legal work completed in March 2014. The freeholder’s fees were kept to an absolute minimum.

Flitwick case:

Last October we were approach by Mr N Norbert , who bought a ground floor apartment in Flitwick in April 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparative flats in Flitwick with 100 year plus lease were worth £205,000. The mid-range ground rent payable was £50 billed per annum. The lease ran out on 24 March 2105. Having 79 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.

Flitwick case:

In 2014 we were phoned by Mr U Harris who, having purchased a first floor apartment in Flitwick in August 2010. The dilemma was if we could approximate the price could be to extend the lease by an additional years. Similar properties in Flitwick with a long lease were valued about £275,000. The mid-range amount of ground rent was £65 billed quarterly. The lease ran out in 2094. Taking into account 68 years remaining we approximated the premium to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.