Top reasons for Iver lease extension

Main reasons to commence your Iver lease extension today:

Increase your lease and increase your Iver property value

Iver 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 gets more expensive. Legislation has been in place for sometime now which entitles qualifying Iver residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Iver you must see if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold premises in Iver with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably experience difficulties where you want to sell your flat in Iver if the unexpired term of your lease is under the criteria set by most banks and building societies. Different lenders have different requirements but on the whole they are looking for an unexpired term of at least 65 years.

What makes us experts in Iver lease extensions?

The conveyancers that we work with handle Iver lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Iver Lease Extension Case Studies:

Ibrahim, Iver, Buckinghamshire

Two years ago Ibrahim, came very near to the 80-year mark with the lease on his studio apartment in Iver. Having purchased his flat two decades ago, the unexpired term was of no bearing. Fortunately, he became aware that he needed to take action soon on a lease extension. Ibrahim extended the lease just under the wire last September. Ibrahim and the freeholder via the managing agents ultimately settled on the final figure of £6,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,075.

Iver case:

Mr H Walker owned a one bedroom flat in Iver in September 2010. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Iver with 100 year plus lease were worth £191,000. The average amount of ground rent was £65 invoiced annually. The lease finished in 2084. Having 58 years remaining we calculated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 plus expenses.