Top reasons for Histon lease extension

Why you should commence your Histon lease extension today:

Increase your lease and increase your Histon property value

For anyone whose Histon flat is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Many mortgage companies will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will likely find it difficult in obtaining a mortgage and this could result in your Histon property being difficult to sell or refinance.

What makes us experts in Histon lease extensions?

Irrespective of whether you are a tenant or a landlord in Histon,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Histon valuers.

Histon Lease Extension Example Cases:

Eliot, Histon, Cambridgeshire,

Eliot was the the leasehold proprietor of a conversion apartment in Histon being sold with a lease of fraction over sixty years outstanding. Eliot on an informal basis approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Eliot to invoke his statutory right. Eliot procured expert advice and secured an acceptable resolution informally and sell the flat.

Histon case:

Mr and Mrs. O López completed a basement apartment in Histon in January 2002. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Identical flats in Histon with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated on 13 May 2101. Having 75 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.

Histon case:

Last Summer we were e-mailed by Ms Niamh Lambert , who took over the lease of a studio flat in Histon in April 1998. The question was if we could approximate the premium would likely be to extend the lease by 90 years. Comparable homes in Histon with 100 year plus lease were in the region of £173,800. The average ground rent payable was £65 billed annually. The lease expiry date was in 2081. Given that there were 55 years unexpired we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 not including costs.