Main reasons to start your Huntingdon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Huntingdon property value

Huntingdon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Most owners of residential leasehold property in Huntingdon enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Huntingdon you would be well advised to investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

Huntingdon property with a lease extension is almost the same value as a freehold

Leasehold residencies in Huntingdon with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not finance a property on a short lease

Almost all mortgage lenders will not lend on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Huntingdon property being difficult to dispose of or to obtain finance on.

What makes us experts in Huntingdon lease extensions?

Irrespective of whether you are a tenant or a landlord in Huntingdon,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 in-depth market knowledge and the close ties they enjoy with Huntingdon valuers.

Huntingdon Lease Extension Example Cases:

Mason, Huntingdon, Cambridgeshire

Twenty four months ago Mason, came perilously near to the 80-year threshold with the lease on his first floor flat in Huntingdon. Having bought his property 19 years ago, the length of the lease was of no importance. As luck would have it, he became aware that he would imminently be paying an inflated amount for Extending the lease. Mason arranged for a lease extension just in the nick of time last May. Mason and the landlord eventually settled on the final figure of £5,500 . If he failed to meet the deadline, the figure would have increased by a minimum £1,125.

Huntingdon case:

Mrs G Díaz acquired a one bedroom apartment in Huntingdon in November 2008. We are asked if we could approximate the price would likely be for a ninety year lease extension. Similar homes in Huntingdon with 100 year plus lease were in the region of £171,800. The mid-range amount of ground rent was £55 billed yearly. The lease came to a finish in 2076. Having 50 years remaining we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 exclusive of costs.

Huntingdon case:

Dr Catherine Lee took over the lease of a purpose-built apartment in Huntingdon in February 2002. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparative flats in Huntingdon with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £45 billed monthly. The lease ran out on 5 July 2096. Given that there were 70 years unexpired we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including expenses.