Top reasons for Boxmoor lease extension

Main reasons to commence your Boxmoor lease extension today:

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

As the the remaining lease term of a Boxmoor domestic lease diminished so does its value and therefore the value of your property. Where the residual term has, over 99 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner than later. Most flat owners in Boxmoor will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as unacceptable for lending purposes.

What makes us experts in Boxmoor lease extensions?

The conveyancing solicitors that we work with undertake Boxmoor 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.

Boxmoor Lease Extension Example Cases:

Seth, Boxmoor, Hertfordshire,

Seth was the the leasehold proprietor of a 2 bedroom apartment in Boxmoor being sold with a lease of a little over sixty years unexpired. Seth on an informal basis spoke with his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Seth to invoke his statutory right. Seth procured expert advice and secured satisfactory deal informally and readily saleable.

Boxmoor case:

Ms Hollie Ward moved into a studio flat in Boxmoor in March 1997. The dilemma was if we could estimate the price would likely be to prolong the lease by 90 years. Identical premises in Boxmoor with 100 year plus lease were valued about £215,600. The average amount of ground rent was £45 invoiced monthly. The lease elapsed in 2088. Considering the 62 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 exclusive of costs.

Boxmoor case:

Mr Omar Anderson acquired a purpose-built apartment in Boxmoor in February 2006. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparative flats in Boxmoor with a long lease were worth £265,000. The average amount of ground rent was £50 invoiced monthly. The lease lapsed in 2099. Given that there were 73 years left we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.