Main reasons to start your Histon lease extension

Main reasons to start your Histon lease extension today:

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

The value of Histon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years

An extended lease has roughly 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 equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This will cause difficulties when you come to market or remortgage your flat as it will be practically unmortgageable. You may have no imminent intention to sell but when you do your buyer will have to wait two years before they can exercise the right to a a lease extension.

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

Regardless of whether you are a tenant or a freeholder in Histon,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge 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 studio flat in Histon on the market with a lease of fraction over fifty eight years remaining. Eliot informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert legal guidance and secured satisfactory deal without resorting to tribunal and sell the flat.

Histon case:

Last Spring we were contacted by Ms H Díaz , who acquired a first floor apartment in Histon in April 2008. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparable residencies in Histon with a long lease were worth £285,000. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated on 22 August 2105. Taking into account 79 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 not including legals.

Histon case:

Dr Isaac Wood acquired a ground floor apartment in Histon in June 2003. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by a further 90 years. Similar residencies in Histon with a long lease were valued around £198,400. The average amount of ground rent was £65 billed per annum. The lease expired on 24 August 2085. Having 59 years remaining we calculated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including legals.