Main reasons to start your St Neots lease extension

Main reasons to start your St Neots lease extension today:

Increase your lease and increase your St Neots property value

The market value of St Neots leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the remaining term is less than 80 years

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

It is generally considered that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not finance a property on a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so where they are not able to get a mortgage, then the market price of the property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in St Neots?

Retaining our service will provide you increased control over the value of your St Neots leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

St Neots Lease Extension Example Cases:

Yasmin, St Neots, Cambridgeshire,

Trailing protracted correspondence with the freeholder of her first floor apartment in St Neots, Yasmin started the lease extension process as the eighty year threshold was swiftly advancing. The lease extension was concluded in February 2009. The freeholder’s costs were restricted to slightly above 450 GBP.

St Neots case:

Mr and Mrs. I Smith moved into a basement apartment in St Neots in July 2005. The question was if we could estimate the price would likely be for a 90 year lease extension. Identical premises in St Neots with an extended lease were in the region of £275,000. The average amount of ground rent was £55 billed monthly. The lease concluded on 28 January 2103. Considering the 77 years left we calculated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 exclusive of costs.

St Neots case:

In 2013 we were phoned by Mr and Mrs. L Roux who, having purchased a studio flat in St Neots in July 2010. The question was if we could approximate the price could be to extend the lease by 90 years. Identical flats in St Neots with an extended lease were worth £183,600. The mid-range amount of ground rent was £65 collected monthly. The lease expiry date was in 2083. Taking into account 57 years outstanding we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus fees.