Why you should commence your Henley In Arden lease extension

Top reasons for lease extension now:

Increase your lease and increase your Henley In Arden property value

The market value of a leasehold property in Henley In Arden depends on how many years the lease has left to run. If it is close to or less than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is ideal to start the lease extension process when the lease still has 82 years remaining so that formalities can be addressed ahead of the eighty year threshold. Statute enables Henley In Arden qualifying lessees to a ninety year extension added to their residual lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

Henley In Arden property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This will cause difficulties when you wish to market or refinance your property as it will be effectively unmortgageable. Even though you might have no immediate intention to sell but when you do your purchaser will need to hold off for 2 years before being able to exercise the right to a a lease extension.

What makes us experts in Henley In Arden lease extensions?

Retaining our service gives you better control over the value of your Henley In Arden leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Henley In Arden Lease Extension Case Summaries:

Gemma, Henley In Arden, Warwickshire,

Off the back of protracted negotiations with the freeholder of her basement flat in Henley In Arden, Gemma commenced the lease extension process as the 80 year deadline was quickly coming. The legal work completed in June 2014. The landlord’s fees were negotiated to approximately 650 GBP.

Henley In Arden case:

In 2009 we were called by Mr and Mrs. M Gray who, having owned a one bedroom flat in Henley In Arden in June 2002. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Comparable premises in Henley In Arden with 100 year plus lease were valued around £200,800. The average amount of ground rent was £65 invoiced per annum. The lease end date was on 23 March 2086. Having 60 years left we approximated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including legals.

Henley In Arden case:

Mr U Vincent completed a purpose-built apartment in Henley In Arden in March 2003. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in Henley In Arden with 100 year plus lease were valued about £255,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease finished on 23 July 2097. Taking into account 71 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 not including professional charges.