Why you should commence your Claydon lease extension

Main reasons to start your Claydon lease extension today:

A Claydon lease depreciates with the years remaining on the lease.

Claydon leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most Claydon tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Claydon you must see if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Banks and Building Societies have set criteria when loaning funds secured on leasehold homes. Some will simply not lend at all once an unexpired lease term goes beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years suitable security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Claydon property.

Why use us for your lease extension in Claydon?

Lease extensions in Claydon can be a difficult process. We recommend you get guidance from a conveyancer 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 a wealth of experience procuring Claydon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Claydon Lease Extension Case Summaries:

Kate, Claydon, Suffolk,

Off the back of protracted negotiations with the freeholder of her two bedroom flat in Claydon, Kate started the lease extension process as the eighty year mark was fast nearing. The legal work completed in January 2006. The landlord’s charges were kept to an absolute minimum.

Claydon case:

Last Summer we were called by Mr Aiden Díaz , who owned a purpose-built flat in Claydon in January 1999. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Similar premises in Claydon with a long lease were valued about £257,800. The average amount of ground rent was £65 collected yearly. The lease concluded on 11 March 2091. Having 65 years outstanding we approximated the premium to the landlord to extend the lease to be between £17,100 and £19,800 plus professional charges.

Claydon case:

Last Spring we were phoned by Mr and Mrs. I Howard , who owned a one bedroom flat in Claydon in October 2010. We are asked if we could estimate the premium would likely be to prolong the lease by 90 years. Similar homes in Claydon with an extended lease were in the region of £191,400. The average amount of ground rent was £55 collected per annum. The lease finished on 27 March 2080. Taking into account 54 years unexpired we estimated the premium to the landlord for the lease extension to be between £34,200 and £39,600 not including fees.