Top reasons for Baldock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Baldock property value

Unfortunately that a Baldock residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Baldock property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining dips below eighty years, you will then be required 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 the property Most flat owners in Baldock will be able to extend under the legislation; however a lawyer should be able to clarify if you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. As many flats in Baldock were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Why use us for your lease extension in Baldock?

The conveyancers that we work with procure Baldock 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.

Baldock Lease Extension Case Summaries:

Isabelle, Baldock, Hertfordshire,

Following protracted correspondence with the landlord of her ground floor apartment in Baldock, Isabelle commenced the lease extension process as the eighty year deadline was swiftly approaching. The lease extension was finalised in September 2006. The landlord’s charges were negotiated to below 550 GBP.

Baldock case:

Last Spring we were phoned by Mrs Natalie Rivera , who was assigned a lease of a ground floor flat in Baldock in November 1996. The dilemma was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparable residencies in Baldock with an extended lease were worth £275,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease came to a finish on 25 September 2094. Considering the 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 not including expenses.

Baldock case:

Mr I Brooks acquired a studio apartment in Baldock in October 1999. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar properties in Baldock with 100 year plus lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected annually. The lease expiry date was in 2083. Considering the 57 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.