Main reasons to start your Huntingdon lease extension

Why you should start your Huntingdon lease extension today:

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

The value of Huntingdon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get jittery at around 75 years. This will be problematic once you need to sell or refinance your flat as it will be effectively unmortgageable. You may have no immediate plan to sell but when you do your purchaser must hold off for a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Huntingdon lease extensions?

Lease extensions in Huntingdon can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience dealing with Huntingdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Huntingdon Lease Extension Case Studies:

Jack, Huntingdon, Cambridgeshire

Last October Jack, came dangerously close to the 80-year threshold with the lease on his first floor apartment in Huntingdon. Having purchased his property 19 years ago, the unexpired term was of little interest. Luckily, he recognised he needed to take steps soon on Extending the lease. Jack extended the lease at the eleventh hour in September. Jack and the freeholder via the management company in the end settled on the final figure of £5,000 . If the lease had dropped below eighty years, the figure would have gone up by a minimum £875.

Huntingdon case:

In 2010 we were e-mailed by Mr and Mrs. B Ricardo who, having completed a newly refurbished apartment in Huntingdon in July 1997. The dilemma was if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative residencies in Huntingdon with a long lease were worth £200,000. The average ground rent payable was £50 billed per annum. The lease finished on 2 July 2103. Having 77 years remaining we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including costs.

Huntingdon case:

Mrs Natasha López completed a ground floor apartment in Huntingdon in May 1996. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative homes in Huntingdon with an extended lease were valued around £260,200. The average ground rent payable was £65 collected annually. The lease termination date was in 2092. Given that there were 66 years outstanding we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 plus legals.