Why you should commence your Huntingdon lease extension

Why you should commence your Huntingdon lease extension today:

Increase your lease and increase your Huntingdon property value

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 extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably experience problems where you need to sell your flat in Huntingdon if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but generally they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Huntingdon lease extensions?

Regardless of whether you are a tenant or a freeholder in Huntingdon,the lease extension lawyers 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 Huntingdon valuers.

Huntingdon Lease Extension Example Cases:

Joseph, Huntingdon, Cambridgeshire,

Joseph owned a 2 bedroom flat in Huntingdon being sold with a lease of just over fifty eight years outstanding. Joseph on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Joseph to exercise his statutory right. Joseph obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Huntingdon case:

Mr and Mrs. T Gunderson purchased a recently refurbished apartment in Huntingdon in July 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparative homes in Huntingdon with 100 year plus lease were worth £191,400. The average amount of ground rent was £55 billed per annum. The lease came to a finish in 2080. Considering the 54 years left we estimated the premium to the landlord for the lease extension to be between £34,200 and £39,600 exclusive of legals.

Huntingdon case:

Ms Millie Bell owned a recently refurbished apartment in Huntingdon in May 2007. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical flats in Huntingdon with a long lease were worth £295,000. The mid-range ground rent payable was £45 billed quarterly. The lease ended on 8 May 2100. Having 74 years unexpired we approximated the premium to the landlord for the lease extension to be within £8,600 and £9,800 not including expenses.