Top reasons for Danbury lease extension

Main reasons to commence your Danbury lease extension today:

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

The market value of Danbury leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Danbury with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not finance a property with a short lease

Mortgage companies are really restricting their approach as regards to homes in Danbury with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of potential purchasers.

Why use us for your lease extension in Danbury?

Lease extensions in Danbury can be a difficult process. We recommend you get 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 dealing with Danbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Danbury Lease Extension Case Studies:

Holly, Danbury, Essex,

Trailing unsuccessful correspondence with the landlord of her leasehold apartment in Danbury, Holly initiated the lease extension process as the 80 year deadline was fast coming. The legal work completed in March 2012. The landlord’s charges were kept to an absolute minimum.

Danbury case:

Ms Leah Baker was assigned a lease of a one bedroom flat in Danbury in February 2011. We are asked if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Similar homes in Danbury with an extended lease were valued around £242,600. The mid-range amount of ground rent was £45 invoiced yearly. The lease finished on 24 May 2093. Given that there were 67 years remaining we calculated the premium to the landlord for the lease extension to be within £11,400 and £13,200 not including costs.

Danbury case:

Mr and Mrs. H Lewis owned a first floor flat in Danbury in July 1998. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable premises in Danbury with a long lease were valued around £280,000. The mid-range amount of ground rent was £55 collected yearly. The lease elapsed on 21 June 2104. Taking into account 78 years remaining we estimated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.