Top reasons for Boxmoor lease extension

Why you should commence your Boxmoor lease extension today:

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

For those whose Boxmoor flat is held on a long lease, the message is clear – if no remedial action is taken, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

Boxmoor property with a lease extension is almost the same value as a freehold

Leasehold premises in Boxmoor with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not finance a property on a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is probable that someone intending to acquire your property in the future might well do, so if they are not able to secure a mortgage, then the value of the property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Boxmoor?

Irrespective of whether you are a tenant or a freeholder in Boxmoor,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Boxmoor valuers.

Boxmoor Lease Extension Case Studies:

Kai, Boxmoor, Hertfordshire,

Kai owned a high value apartment in Boxmoor being marketed with a lease of a few days over 72 years unexpired. Kai on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £50 annually. No ground rent would be due on a lease extension were Kai to invoke his statutory right. Kai obtained expert legal guidance and was able to make an informed decision and handle with the matter and readily saleable.

Boxmoor case:

Last Christmas we were phoned by Mr Ethan Ward , who acquired a studio apartment in Boxmoor in October 1998. The dilemma was if we could estimate the premium could be to prolong the lease by 90 years. Comparable premises in Boxmoor with an extended lease were valued around £280,000. The mid-range amount of ground rent was £55 billed annually. The lease ran out on 18 March 2104. Given that there were 78 years left we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of legals.

Boxmoor case:

Mr and Mrs. G Kelly was assigned a lease of a one bedroom apartment in Boxmoor in August 2009. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparable properties in Boxmoor with a long lease were valued around £191,000. The average ground rent payable was £65 collected monthly. The lease elapsed on 12 October 2084. Given that there were 58 years remaining we approximated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of expenses.