Main reasons to start your Histon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Histon property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Histon. Clearly, the period of lease left reduces over time. This is often ignored and only becomes a problem when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Histon have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Do give due deliberation before putting off your Histon lease extension. Holding off the cost now simply increases the price you will ultimately incur for a lease extension

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property with a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term drops under a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Histon property.

What makes us experts in Histon lease extensions?

The conveyancing solicitors that we work with procure Histon 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.

Histon Lease Extension Example Cases:

Leah, Histon, Cambridgeshire,

Off the back of lengthy correspondence with the freeholder of her leasehold apartment in Histon, Leah initiated the lease extension process just as the lease was approaching the all-important 80-year deadline. The transaction was concluded in May 2011. The landlord’s fees were restricted to under 500 pounds.

Histon case:

In 2010 we were e-mailed by Ms S Girard who, having moved into a one bedroom apartment in Histon in July 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable premises in Histon with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 collected every twelve months. The lease ended on 14 November 2078. Considering the 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 not including legals.

Histon case:

In 2014 we were contacted by Mr and Mrs. K Garcia who, having took over the lease of a basement apartment in Histon in May 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Identical residencies in Histon with 100 year plus lease were valued around £218,000. The mid-range amount of ground rent was £45 billed yearly. The lease lapsed in 2089. Having 63 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including expenses.