Top reasons for St Neots lease extension

Top reasons for lease extension now:

Increase your lease and increase your St Neots property value

The only way is down when it comes to St Neots lease terms. St Neots flats that have a remaining term fewer than eighty years will de-escalate in value even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold residencies in St Neots with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years suitable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your St Neots property.

What makes us experts in St Neots lease extensions?

Lease extensions in St Neots can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with St Neots lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

St Neots Lease Extension Example Cases:

Aimee, St Neots, Cambridgeshire,

Trailing lengthy discussions with the landlord of her ground floor apartment in St Neots, Aimee commenced the lease extension process as the 80 year threshold was quickly coming. The transaction was finalised in January 2006. The freeholder’s costs were restricted to about 650 pounds.

St Neots case:

In 2010 we were called by Dr Ibrahim Evans who, having moved into a ground floor apartment in St Neots in March 2007. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar properties in St Neots with a long lease were valued about £227,800. The average ground rent payable was £45 billed yearly. The lease came to a finish on 17 August 2091. Given that there were 65 years remaining we calculated the premium to the landlord for the lease extension to be within £13,300 and £15,400 plus expenses.

St Neots case:

Last June we were approach by Mr and Mrs. Y Alexander , who owned a one bedroom apartment in St Neots in July 2012. We are asked if we could approximate the premium would likely be to prolong the lease by an additional years. Similar flats in St Neots with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease expired in 2102. Taking into account 76 years unexpired we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.