Top reasons for Great Missenden lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Great Missenden lease terms. Great Missenden properties that have a residual term fewer than 80 years will de-escalate in market price even faster, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term 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.

Lenders will not lend on a short lease

Almost all mortgage companies will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Great Missenden property being difficult to sell or to obtain finance on.

What makes us experts in Great Missenden lease extensions?

The conveyancing solicitors that we work with undertake 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 Case Studies:

Jasper, Great Missenden, Buckinghamshire

Last Winter Jasper, started to get near to the 80-year threshold with the lease on his leasehold flat in Great Missenden. In buying his property two decades ago, the length of the lease was of little bearing. Fortunately, he realised he would soon be paying way over the odds for Extending the lease. Jasper was able to extend his lease just ahead of time in August. Jasper and the freeholder via the management company eventually agreed on a premium of £6,000 . If the lease had slipped lower than eighty years, the premium would have gone up by at least £950.

Great Missenden case:

Mrs N Fournier was assigned a lease of a ground floor flat in Great Missenden in November 1997. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Identical premises in Great Missenden with an extended lease were valued around £235,200. The mid-range amount of ground rent was £45 invoiced monthly. The lease ended on 6 February 2092. Having 66 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Great Missenden case:

Mrs A James took over the lease of a garden apartment in Great Missenden in March 2011. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by an additional years. Comparable homes in Great Missenden with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease concluded in 2103. Considering the 77 years remaining we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of costs.