Top reasons for Billesdon lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Billesdon you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not grant a mortgage on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Billesdon lease extensions?

Lease extensions in Billesdon can be a difficult process. We recommend you obtain professional help from a lawyer 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 in-depth market knowledge dealing with Billesdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Billesdon Lease Extension Case Studies:

Felix, Billesdon, Leicestershire

In 2014 Felix, came very close to the eighty-year mark with the lease on his garden apartment in Billesdon. Having purchased his property two decades ago, the unexpired term was of little importance. As luck would have it, it dawned on him that he would soon be paying way over the odds for a lease extension. Felix extended the lease just ahead of time in August. Felix and the landlord in the end settled on a premium of £6,000 . If he failed to meet the deadline, the sum would have gone up by a minimum £1,125.

Billesdon case:

In 2012 we were e-mailed by Mr and Mrs. H Wood who, having moved into a purpose-built flat in Billesdon in April 2004. We are asked if we could estimate the price could be to prolong the lease by an additional years. Comparable flats in Billesdon with an extended lease were in the region of £280,000. The average amount of ground rent was £55 collected quarterly. The lease elapsed in 2104. Considering the 78 years outstanding we approximated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus costs.

Billesdon case:

Mr and Mrs. N Moore was assigned a lease of a newly refurbished apartment in Billesdon in May 1996. The dilemma was if we could approximate the price could be to prolong the lease by 90 years. Comparative residencies in Billesdon with 100 year plus lease were in the region of £191,000. The mid-range amount of ground rent was £65 collected per annum. The lease lapsed in 2084. Having 58 years outstanding we estimated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including legals.