Top reasons for Aston Clinton lease extension

Main reasons to start your Aston Clinton lease extension today:

Increase your lease and increase your Aston Clinton property value

Aston Clinton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Aston Clinton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Aston Clinton you should investigate if your lease has between seventy and 90 years left. There are good reasons why a Aston Clinton leaseholder with a lease having around eighty years unexpired should take action to ensure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Aston Clinton with over 100 years remaining on the lease are often regarded as a ‘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 purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions may decide not to grant a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wishing to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of the property will likely suffer. In the last decade 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 Aston Clinton?

Regardless of whether you are a tenant or a freeholder in Aston Clinton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Aston Clinton valuers.

Aston Clinton Lease Extension Example Cases:

Caitlin, Aston Clinton, Buckinghamshire,

Subsequent to protracted negotiations with the freeholder of her ground floor flat in Aston Clinton, Caitlin started the lease extension process as the eighty year deadline was quickly advancing. The legal work was concluded in June 2007. The freeholder’s costs were kept to an absolute minimum.

Aston Clinton case:

Last June we were e-mailed by Mr and Mrs. N Phillips , who was assigned a lease of a one bedroom flat in Aston Clinton in May 2010. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Aston Clinton with 100 year plus lease were valued around £265,000. The average amount of ground rent was £55 invoiced every twelve months. The lease end date was in 2100. Considering the 74 years unexpired we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Aston Clinton case:

In 2014 we were approached by Dr E André who, having took over the lease of a garden apartment in Aston Clinton in February 2008. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparative flats in Aston Clinton with an extended lease were valued around £166,400. The average ground rent payable was £60 billed per annum. The lease elapsed in 2080. Having 54 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus fees.