Main reasons to start your Great Missenden lease extension

Top reasons for lease extension now:

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

For those whose Great Missenden home is held on a long lease, our message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not finance a property on a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Great Missenden if the unexpired lease term is under the criteria set by the majority of lenders. Different lenders have different requirements but generally theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Great Missenden?

The conveyancing solicitors that we work with handle Great Missenden 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 conveyancing solicitor we work with provide it.

Great Missenden Lease Extension Example Cases:

Abbie, Great Missenden, Buckinghamshire,

Trailing protracted discussions with the landlord of her leasehold flat in Great Missenden, Abbie started the lease extension process as the eighty year mark was rapidly approaching. The lease extension completed in July 2009. The landlord’s charges were kept to an absolute minimum.

Great Missenden case:

In 2012 we were approached by Mr G Bailey who, having owned a one bedroom flat in Great Missenden in February 2008. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative residencies in Great Missenden with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced quarterly. The lease ended on 11 January 2077. Considering the 51 years remaining we calculated the premium to the landlord to extend the lease to be within £43,700 and £50,600 plus legals.

Great Missenden case:

Mrs Alisha Reed bought a ground floor flat in Great Missenden in March 1996. We are asked if we could estimate the premium would be for a 90 year lease extension. Comparable properties in Great Missenden with 100 year plus lease were valued around £210,600. The average ground rent payable was £45 collected per annum. The lease concluded on 5 January 2088. Taking into account 62 years as a residual term we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 exclusive of legals.