Top reasons for 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 long leasehold property in Arkley, you are actually purchasing a right to reside in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about extending the lease sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly once there are less than eighty years remaining. Residents in Arkley with a lease nearing 81 years unexpired should seriously think of extending it as soon as possible. When the lease term has below 80 years remaining, under the relevant statute the landlord is entitled to calculate and charge a greater premium, based on a technical computation, known as “marriage value” which is payable.

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

Leasehold residencies in Arkley with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may not lend on a short lease

Mortgage companies will not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Arkley if the unexpired lease term is under the criteria set by most mortgage companies. Different lenders have different requirements but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Arkley?

Retaining our service will provide you increased control over the value of your Arkley leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Arkley Lease Extension Example Cases:

Austin, Arkley, North London

In recent months Austin, started to get near to the eighty-year mark with the lease on his first floor apartment in Arkley. Having purchased his flat two decades ago, the unexpired term was of minimal significance. by good luck, he realised he needed to take action soon on Extending the lease. Austin arranged for a lease extension at the eleventh hour in April. Austin and the landlord ultimately agreed on sum of £6,000 . If he not met the deadline, the premium would have become more costly by at least £1,075.

Arkley case:

Last Winter we were called by Mr and Mrs. D Scott , who moved into a newly refurbished flat in Arkley in June 2004. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar homes in Arkley with 100 year plus lease were in the region of £290,000. The mid-range ground rent payable was £45 collected per annum. The lease lapsed in 2098. Considering the 72 years remaining we approximated the premium to the landlord to extend the lease to be between £11,400 and £13,200 plus professional charges.