Top reasons for Iver lease extension

Main reasons to start your Iver lease extension today:

Increase your lease and increase your Iver property value

Iver leases on domestic deteriorating in value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the current lease falls below 80 years - otherwise a higher amount will be payable. Leasehold owners in Iver will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Iver with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not loan monies on a short lease

Most high street banks are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Given that plenty of flats in Iver were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Iver lease extensions?

Lease extensions in Iver can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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 procuring Iver lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Iver Lease Extension Example Cases:

Benjamin, Iver, Buckinghamshire

Last year Benjamin, started to get near to the 80-year mark with the lease on his garden flat in Iver. Having bought his home two decades ago, the unexpired term was of minimal significance. As luck would have it, he realised he needed to take action soon on a lease extension. Benjamin arranged for a lease extension at the eleventh hour last March. Benjamin and the freeholder via the management company in the end settled on a premium of £5,500 . If the lease had slid lower than 80 years, the sum would have become more exhorbitant by a minimum £950.

Iver case:

Last February we were approach by Ms Y Baker , who acquired a ground floor flat in Iver in August 2012. The question was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparative residencies in Iver with 100 year plus lease were in the region of £215,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease elapsed on 13 July 2088. Considering the 62 years as a residual term we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 plus professional charges.