Top reasons for Eaton Bray lease extension

Main reasons to commence your Eaton Bray lease extension today:

Increase your lease and increase your Eaton Bray property value

For anyone whose Eaton Bray flat is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not issue a mortgage with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will be problematic as and when you need to dispose of or refinance your property as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for a couple of years before they can start the legal procedures for an extension to the lease.

Get in touch with one of our Eaton Bray lease extension solicitors or enfranchisement solicitors

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

Eaton Bray Lease Extension Example Cases:

Yasmin, Eaton Bray, Bedfordshire,

After lengthy discussions with the freeholder of her leasehold flat in Eaton Bray, Yasmin commenced the lease extension process just as the lease was nearing the crucial eighty-year threshold. The lease extension completed in January 2014. The freeholder’s fees were restricted to less than 500 pounds.

Eaton Bray case:

In 2011 we were contacted by Dr Sian Díaz who, having moved into a one bedroom apartment in Eaton Bray in April 2012. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Eaton Bray with an extended lease were in the region of £270,000. The average amount of ground rent was £55 billed every twelve months. The lease expired on 23 June 2101. Given that there were 75 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of legals.

Eaton Bray case:

In 2014 we were called by Mr Felix Bertrand who, having owned a basement flat in Eaton Bray in June 2007. We are asked if we could estimate the compensation to the landlord could be for a 90 year lease extension. Identical premises in Eaton Bray with an extended lease were valued around £173,800. The average ground rent payable was £65 collected every twelve months. The lease ended in 2081. Having 55 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 plus legals.