Why you should start your Denham lease extension

Why you should start your Denham lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Denham. Inevitably, the term of lease left shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Denham have the legal entitlement to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Please give due deliberation before putting off your Denham lease extension. Putting off the cost now only increases the price you will ultimately incur to extend your lease

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

Leasehold properties in Denham with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may not lend on a short lease

Why use us for your lease extension in Denham?

Irrespective of whether you are a tenant or a landlord in Denham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Denham valuers.

Denham Lease Extension Example Cases:

Mason, Denham, Buckinghamshire,

Mason was the the leasehold owner of a 2 bedroom apartment in Denham on the market with a lease of a little over sixty years remaining. Mason on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Mason to exercise his statutory right. Mason procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Denham case:

Last month we were e-mailed by Dr V Jones , who moved into a basement apartment in Denham in August 2012. We are asked if we could estimate the price could be to prolong the lease by 90 years. Comparative properties in Denham with 100 year plus lease were worth £280,000. The average ground rent payable was £45 invoiced per annum. The lease elapsed in 2096. Given that there were 70 years left we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.