Top reasons for Aylesbury lease extension

Why you should commence your Aylesbury lease extension today:

Increase your lease and increase your Aylesbury property value

The market value of Aylesbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than 80 years

Aylesbury property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Aylesbury with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not lend on a short lease

Banks and building societies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years left once the mortgage has expired. As many flats in Aylesbury were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Aylesbury?

Using our service gives you better control over the value of your Aylesbury leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Aylesbury Lease Extension Case Studies:

Harvey, Aylesbury, Buckinghamshire

In 2014 Harvey, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Aylesbury. In buying his property two decades ago, the length of the lease was of no importance. Thankfully, he realised he would soon be paying way over the odds for Extending the lease. Harvey arranged for a lease extension at the eleventh hour last March. Harvey and the freeholder eventually settled on sum of £6,000 . If the lease had descended lower than 80 years, the amount would have become more costly by at least £950.

Aylesbury case:

In 2010 we were contacted by Mrs T Lewis who, having bought a basement apartment in Aylesbury in August 2011. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by a further 90 years. Similar homes in Aylesbury with a long lease were in the region of £205,000. The mid-range amount of ground rent was £50 billed per annum. The lease terminated on 18 March 2105. Considering the 79 years unexpired we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 plus fees.

Aylesbury case:

In 2010 we were e-mailed by Dr Kai David who, having took over the lease of a basement apartment in Aylesbury in March 1997. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Identical flats in Aylesbury with a long lease were valued about £275,000. The mid-range ground rent payable was £65 billed yearly. The lease ran out on 19 July 2094. Considering the 68 years remaining we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.