Why you should start your Denham lease extension

Why you should start your Denham lease extension today:

Increase your lease and increase your Denham property value

Denham leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying Denham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Denham you would be well advised to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the cost of any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

Leasehold residencies in Denham with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not finance a property with a short lease

Why use us for your lease extension in Denham?

The lawyers that we work with handle Denham 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 lawyer we work with provide it.

Denham Lease Extension Example Cases:

Harrison, Denham, Buckinghamshire

Twenty four months ago Harrison, started to get close to the eighty-year mark with the lease on his one bedroom flat in Denham. In buying his flat twenty years ago, the length of the lease was of minimal relevance. Luckily, he recognised he needed to take steps soon on a lease extension. Harrison arranged for a lease extension just under the wire in September. Harrison and the freeholder via the management company subsequently settled on an amount of £5,000 . If the lease had descended lower than eighty years, the amount would have increased by a minimum £1,075.

Denham case:

Last Spring we were contacted by Mr and Mrs. M Ali , who moved into a one bedroom apartment in Denham in July 2005. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Denham with 100 year plus lease were worth £174,200. The average ground rent payable was £55 collected every twelve months. The lease came to a finish in 2077. Given that there were 51 years left we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including professional charges.