Why you should commence your Aspley Guise lease extension

Why you should commence your Aspley Guise lease extension today:

Increase your lease and increase your Aspley Guise property value

Aspley Guise leases on residential deteriorating in value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Aspley Guise will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain situations you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s best to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Aspley Guise were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Get in touch with one of our Aspley Guise lease extension solicitors or enfranchisement solicitors

Lease extensions in Aspley Guise can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Aspley Guise lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Aspley Guise Lease Extension Example Cases:

Georgina, Aspley Guise, Bedfordshire,

After protracted discussions with the landlord of her purpose-built flat in Aspley Guise, Georgina commenced the lease extension process just as the lease was coming close to the all-important 80-year mark. The lease extension completed in August 2011. The freeholder’s fees were kept to an absolute minimum.

Aspley Guise case:

Dr Oscar Lefebvre owned a one bedroom flat in Aspley Guise in September 2010. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparable homes in Aspley Guise with 100 year plus lease were in the region of £267,600. The average ground rent payable was £65 billed per annum. The lease lapsed on 26 February 2093. Having 67 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of costs.

Aspley Guise case:

Mr and Mrs. K Mason took over the lease of a basement flat in Aspley Guise in November 2009. We are asked if we could approximate the price would be to prolong the lease by an additional years. Identical premises in Aspley Guise with an extended lease were in the region of £206,200. The average amount of ground rent was £60 invoiced annually. The lease finished in 2082. Given that there were 56 years left we calculated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 not including legals.