Main reasons to start your St Neots lease extension

Why you should commence your St Neots lease extension today:

A St Neots leasehold property depreciates with the years remaining on the lease.

The closer a residential lease in St Neots gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 125 years remaining then this decrease may be of little impact however there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in St Neots will meet the qualifying criteria; that being said a conveyancer will be able to confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Mortgage companies are tightening their criteria and many now require flats to have at least sixty if not seventy years left once the mortgage has expired. Given that many flats in St Neots were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in St Neots?

Irrespective of whether you are a tenant or a freeholder in St Neots,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with St Neots valuers.

St Neots Lease Extension Example Cases:

Chelsea, St Neots, Cambridgeshire,

In the wake of eight months of unsuccessful correspondence with the landlord of her ground floor flat in St Neots, Chelsea commenced the lease extension process as the eighty year threshold was quickly nearing. The lease extension was finalised in January 2014. The freeholder’s fees were kept to an absolute minimum.

St Neots case:

Dr D Bernard completed a one bedroom flat in St Neots in June 2005. We are asked if we could estimate the price would likely be for a 90 year lease extension. Comparable flats in St Neots with an extended lease were in the region of £265,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish on 17 November 2099. Having 73 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.

St Neots case:

Last Winter we were e-mailed by Ms Lydia Dupont , who owned a recently refurbished flat in St Neots in January 2005. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by an additional years. Comparative properties in St Neots with a long lease were worth £264,000. The average amount of ground rent was £60 collected monthly. The lease came to a finish in 2079. Considering the 53 years remaining we calculated the compensation to the freeholder to extend the lease to be within £37,100 and £42,800 exclusive of fees.