Princes Risborough leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease drops under 80 years - otherwise a higher amount will be due. Leasehold owners in Princes Risborough will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancing solicitor to confirm if you qualify. In certain cases you may not be entitled. There are prescribed deadlines and formalities to comply with once the process is initiated so it’s best to be guided by a conveyancing solicitor during the process.
Leasehold properties in Princes Risborough with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Godiva Mortgages | |
| Halifax | |
| Nationwide Building Society | |
| Virgin |
Retaining our service gives you enhanced control over the value of your Princes Risborough leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last Spring Kian, came perilously close to the 80-year mark with the lease on his basement apartment in Princes Risborough. Having bought his flat two decades ago, the lease term was of minimal importance. Luckily, he recognised he needed to take action soon on a lease extension. Kian arranged for a lease extension at the eleventh hour in August. Kian and the landlord who owned the flat above ultimately agreed on an amount of £5,500 . If the lease had dropped to less than eighty years, the amount would have become more costly by a minimum £1,025.
Last Winter we were called by Mr and Mrs. C King , who moved into a ground floor apartment in Princes Risborough in August 2011. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Comparative residencies in Princes Risborough with 100 year plus lease were in the region of £220,400. The average amount of ground rent was £45 invoiced yearly. The lease concluded in 2090. Having 64 years unexpired we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus expenses.
Mr and Mrs. R Evans completed a one bedroom flat in Princes Risborough in May 2012. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Princes Risborough with an extended lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease elapsed on 23 November 2101. Considering the 75 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.