Why you should start your Shillington lease extension

Main reasons to commence your Shillington lease extension today:

Increase your lease and increase your Shillington property value

Shillington residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

Shillington property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Banks and building societies are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. Considering a number of flats in Shillington were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Get in touch with one of our Shillington lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with undertake Shillington 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 lawyer we work with provide it.

Shillington Lease Extension Example Cases:

Georgia, Shillington, Bedfordshire,

Following unsuccessful negotiations with the landlord of her two bedroom flat in Shillington, Georgia initiated the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in November 2015. The landlord’s fees were kept to an absolute minimum.

Shillington case:

In 2014 we were phoned by Dr Joshua Mitchell who, having owned a first floor flat in Shillington in November 2010. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar homes in Shillington with a long lease were worth £200,000. The mid-range ground rent payable was £50 billed annually. The lease came to a finish in 2103. Having 77 years outstanding we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.

Shillington case:

In 2010 we were phoned by Mrs Georgina Wilson who, having owned a recently refurbished apartment in Shillington in March 1998. The question was if we could estimate the price would be for a ninety year lease extension. Identical homes in Shillington with a long lease were in the region of £267,600. The mid-range ground rent payable was £65 billed annually. The lease elapsed in 2093. Considering the 67 years as a residual term we calculated the premium to the landlord to extend the lease to be between £14,300 and £16,400 plus legals.