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Main reasons to commence your Huntingdon lease extension

Main reasons to 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 substantially once the remaining term is below than eighty years

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

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

Lending institutions may not issue a mortgage on a short lease

Lending institutions have set criteria when lending monies secured on leasehold property. Some will simply refuse lend at all once an unexpired lease term drops below a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years suitable security. As well as this being important when selling, it is also relevant if you are wanting to remortgage your Huntingdon property.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Huntingdon lease extensions?

Engaging our service gives you increased control over the value of your Huntingdon leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Huntingdon Lease Extension Case Studies:

Charlie, Huntingdon, Cambridgeshire

In 2014 Charlie, came seriously near to the eighty-year mark with the lease on his ground floor apartment in Huntingdon. In buying his home 19 years previously, the unexpired term was of no relevance. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Charlie extended the lease just in the nick of time in May. Charlie and the freeholder via the managing agents eventually agreed on the final figure of £5,000 . If the lease had fallen below 80 years, the price would have become more costly by a minimum £850.

Huntingdon case:

Mr O Wright was assigned a lease of a basement apartment in Huntingdon in March 1996. We are asked if we could approximate the price could be for a 90 year extension to my lease. Comparable premises in Huntingdon with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 collected quarterly. The lease ended on 18 March 2092. Considering the 67 years remaining we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of costs.

Huntingdon case:

In 2012 we were called by Mr and Mrs. O Davis who, having acquired a ground floor apartment in Huntingdon in April 2009. We are asked if we could approximate the price could be for a ninety year extension to my lease. Identical residencies in Huntingdon with a long lease were in the region of £206,200. The average ground rent payable was £55 billed quarterly. The lease ended on 15 February 2081. Taking into account 56 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 exclusive of professional charges.