Why you should start your Arkley lease extension

Why you should start your Arkley lease extension today:

Increase your lease and increase your Arkley property value

When it comes to residential leasehold premises in Arkley, you are actually purchasing an entitlement to live in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are fewer than 80 years remaining. Leasehold owners in Arkley with a lease drawing near to 81 years unexpired should seriously consider extending it sooner rather than later. When the lease term has under eighty years outstanding, under the current Act the landlord can calculate and demand a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

Arkley property with a lease extension is almost the same value as a freehold

Leasehold premises in Arkley with over 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 to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may not loan monies on a short lease

Most mortgage lenders insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to secure a mortgage, then the value of the property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Arkley?

The conveyancing solicitors that we work with handle Arkley 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.

Arkley Lease Extension Case Summaries:

Georgina, Arkley, North London,

Subsequent to protracted negotiations with the freeholder of her garden flat in Arkley, Georgina initiated the lease extension process as the 80 year deadline was fast nearing. The lease extension was concluded in September 2009. The landlord’s charges were kept to an absolute minimum.

Arkley case:

Last Autumn we were phoned by Mrs Elizabeth Adams , who was assigned a lease of a recently refurbished apartment in Arkley in April 2004. The dilemma was if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparative flats in Arkley with a long lease were valued about £250,400. The average amount of ground rent was £65 billed monthly. The lease terminated on 13 June 2090. Having 64 years unexpired we approximated the premium to the landlord for the lease extension to be within £19,000 and £22,000 not including fees.