Main reasons to commence your Arlesey lease extension

Why you should start your Arlesey lease extension today:

Increase your lease and increase your Arlesey property value

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

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wishing to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of the property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Arlesey?

The conveyancing solicitors that we work with procure Arlesey 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.

Arlesey Lease Extension Example Cases:

Henry, Arlesey, Bedfordshire,

Henry was the the leasehold proprietor of a 2 bedroom flat in Arlesey on the market with a lease of just over 72 years outstanding. Henry on an informal basis spoke with his freeholder a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Henry to exercise his statutory right. Henry obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Arlesey case:

In 2010 we were e-mailed by Dr P Taylor who, having was assigned a lease of a purpose-built flat in Arlesey in October 1999. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparable premises in Arlesey with 100 year plus lease were worth £246,800. The mid-range ground rent payable was £60 collected every twelve months. The lease expired in 2076. Having 50 years left we calculated the premium to the landlord for the lease extension to be between £44,700 and £51,600 plus fees.

Arlesey case:

In 2014 we were phoned by Mrs Y Sánchez who, having completed a purpose-built flat in Arlesey in February 2010. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Identical flats in Arlesey with an extended lease were worth £208,200. The average ground rent payable was £65 billed monthly. The lease expiry date was in 2087. Given that there were 61 years outstanding we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 exclusive of fees.