Main reasons to commence your Baldock lease extension

Top reasons for lease extension now:

A Baldock leasehold property depreciates with the years remaining on the lease.

Baldock leases on domestic properties are gradually losing value. Where your lease has approximately ninety years remaining, you should start thinking about a lease extension. If lease term dips under 80 years, you will then have to pay half 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 Baldock will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.

Baldock property with a lease extension 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 any lease with more than 35 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may not grant a mortgage with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be mindful that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the market price of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

What makes us experts in Baldock lease extensions?

Lease extensions in Baldock can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in lease extensions.

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 procuring Baldock lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Baldock Lease Extension Case Summaries:

Isabel, Baldock, Hertfordshire,

Off the back of protracted correspondence with the landlord of her one bedroom apartment in Baldock, Isabel started the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The transaction completed in March 2010. The landlord’s costs were negotiated to under 500 GBP.

Baldock case:

In 2013 we were e-mailed by Mrs K Smith who, having owned a studio apartment in Baldock in April 2003. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Similar residencies in Baldock with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2106. Having 80 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of legals.

Baldock case:

In 2014 we were phoned by Dr Jason Roux who, having completed a first floor flat in Baldock in March 1997. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar residencies in Baldock with a long lease were valued about £280,000. The mid-range ground rent payable was £45 billed every twelve months. The lease expired on 23 March 2095. Considering the 69 years left we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of expenses.