Top reasons for Princes Risborough lease extension

Main reasons to commence your Princes Risborough lease extension today:

A Princes Risborough leasehold property depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Princes Risborough. Inevitably, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Princes Risborough have the legal entitlement to extend the lease for a further ninety years under legislation. Please give due deliberation before putting off your Princes Risborough lease extension. Putting off the cost now only increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not loan monies on a short lease

Banks and Building Societies have specific criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Princes Risborough home.

Why use us for your lease extension in Princes Risborough?

The lawyers that we work with procure Princes Risborough 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.

Princes Risborough Lease Extension Example Cases:

Emily, Princes Risborough, Buckinghamshire,

Trailing lengthy correspondence with the freeholder of her purpose-built flat in Princes Risborough, Emily commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The legal work was finalised in October 2015. The freeholder’s fees were kept to an absolute minimum.

Princes Risborough case:

Last Summer we were contacted by Dr Victoria Allen , who took over the lease of a one bedroom flat in Princes Risborough in May 2011. The dilemma was if we could approximate the price would likely be for a 90 year extension to my lease. Comparable homes in Princes Risborough with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £55 invoiced per annum. The lease ran out on 2 April 2106. Considering the 80 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.

Princes Risborough case:

Ms T Young moved into a basement apartment in Princes Risborough in October 1997. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year lease extension. Comparable flats in Princes Risborough with an extended lease were valued around £200,800. The average ground rent payable was £65 collected monthly. The lease end date was in 2086. Given that there were 60 years left we approximated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 not including fees.