Top reasons for Great Missenden lease extension

Why you should commence your Great Missenden lease extension today:

A Great Missenden lease depreciates with the years remaining on the lease.

Great Missenden leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Great Missenden tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Great Missenden you must check if your lease has between seventy and 90 years remaining. There are compelling reasons why a Great Missenden leaseholder with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

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

Leasehold premises in Great Missenden with over one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may decide not to finance a property on a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Great Missenden?

Lease extensions in Great Missenden can be a difficult process. We recommend you secure guidance from a lawyer and surveyor 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 procuring Great Missenden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Great Missenden Lease Extension Case Studies:

Ibrahim, Great Missenden, Buckinghamshire,

Ibrahim was the the leasehold owner of a 2 bedroom apartment in Great Missenden being marketed with a lease of just over fifty eight years left. Ibrahim on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Great Missenden case:

Mr G Martinez moved into a basement flat in Great Missenden in June 2006. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by an additional years. Identical premises in Great Missenden with 100 year plus lease were worth £210,600. The mid-range ground rent payable was £45 collected per annum. The lease ran out on 2 October 2088. Considering the 62 years outstanding we approximated the compensation to the landlord for the lease extension to be within £18,100 and £20,800 exclusive of legals.

Great Missenden case:

Last Summer we were contacted by Mr and Mrs. K Bell , who was assigned a lease of a first floor apartment in Great Missenden in June 2005. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Comparable premises in Great Missenden with a long lease were valued about £260,000. The mid-range amount of ground rent was £50 collected quarterly. The lease came to a finish on 9 June 2099. Given that there were 73 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.