Top reasons for Flitwick lease extension

Main reasons to start your Flitwick lease extension today:

A Flitwick leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Flitwick you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As a number of flats in Flitwick were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Flitwick lease extensions?

Lease extensions in Flitwick can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Flitwick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Flitwick Lease Extension Case Summaries:

Samantha, Flitwick, Bedfordshire,

Subsequent to unsuccessful negotiations with the landlord of her first floor apartment in Flitwick, Samantha initiated the lease extension process as the eighty year threshold was swiftly approaching. The transaction was finalised in August 2013. The landlord’s costs were kept to an absolute minimum.

Flitwick case:

In 2014 we were approached by Mr G Martin who, having was assigned a lease of a one bedroom apartment in Flitwick in September 2003. The dilemma was if we could approximate the price would be for a 90 year lease extension. Identical residencies in Flitwick with a long lease were valued around £225,800. The mid-range ground rent payable was £60 collected yearly. The lease ended in 2086. Taking into account 60 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £24,700 and £28,600 not including fees.

Flitwick case:

Dr Finley Vincent acquired a recently refurbished flat in Flitwick in May 2008. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by ninety years. Comparative homes in Flitwick with 100 year plus lease were in the region of £210,000. The average ground rent payable was £50 billed monthly. The lease finished on 4 September 2106. Taking into account 80 years remaining we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.