Why you should start your Arkley lease extension

Why you should start your Arkley lease extension today:

A Arkley leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Arkley you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

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

Lenders may not loan monies on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Arkley lease extensions?

The conveyancers 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 conveyancing solicitor we work with provide it.

Arkley Lease Extension Case Summaries:

Jackson, Arkley, North London

In 2014 Jackson, came precariously near to the 80-year mark with the lease on his garden flat in Arkley. In buying his property 19 years ago, the lease term was of no importance. Luckily, he realised he would imminently be paying an escalated premium for Extending the lease. Jackson was able to extend his lease just under the wire in September. Jackson and the freeholder via the managing agents ultimately agreed on the final figure of £5,000 . If he not met the deadline, the premium would have become more costly by at least £1,125.

Arkley case:

Ms Megan Robinson purchased a ground floor apartment in Arkley in September 2003. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparable premises in Arkley with 100 year plus lease were worth £225,800. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended on 20 September 2086. Having 60 years unexpired we calculated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 plus legals.