Main reasons to commence your Great Missenden lease extension

Why you should commence your Great Missenden lease extension today:

A Great Missenden leasehold property 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 becomes more expensive. Legislation has been in place for sometime now allowing qualifying Great Missenden residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Great Missenden you must check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may not finance a property on a short lease

Lending institutions have specific criteria when loaning monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term goes below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Great Missenden home.

What makes us experts in Great Missenden lease extensions?

Using our service will provide you better control over the value of your Great Missenden leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Great Missenden Lease Extension Example Cases:

Hugo, Great Missenden, Buckinghamshire

In recent months Hugo, came dangerously near to the eighty-year mark with the lease on his one bedroom flat in Great Missenden. In buying his home twenty years previously, the unexpired term was of little interest. by good luck, he realised he needed to take action soon on a lease extension. Hugo arranged for a lease extension just under the wire last August. Hugo and the landlord who owned the flat above in the end agreed on sum of £5,000 . If he not met the deadline, the figure would have become more exhorbitant by at least £1,150.

Great Missenden case:

Mrs U Wright completed a recently refurbished apartment in Great Missenden in July 2011. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Comparative properties in Great Missenden with a long lease were valued around £265,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease lapsed in 2100. Considering the 74 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus professional charges.

Great Missenden case:

Mr and Mrs. E Robinson acquired a studio apartment in Great Missenden in May 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative residencies in Great Missenden with a long lease were in the region of £166,400. The average ground rent payable was £60 collected annually. The lease finished in 2080. Having 54 years as a residual term we estimated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including expenses.