Top reasons for Houghton Regis lease extension

Main reasons to start your Houghton Regis lease extension today:

Increase your lease and increase your Houghton Regis property value

There is no doubt about it a leasehold flat or house in Houghton Regis is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Houghton Regis will qualify for this right; that being said a lawyer should be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Houghton Regis property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to loan monies with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Houghton Regis lease extensions?

Lease extensions in Houghton Regis can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Houghton Regis lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Houghton Regis Lease Extension Case Summaries:

Alexandra, Houghton Regis, Bedfordshire,

Subsequent to unsuccessful correspondence with the landlord of her basement flat in Houghton Regis, Alexandra commenced the lease extension process as the 80 year deadline was quickly coming. The lease extension was finalised in September 2005. The freeholder’s charges were kept to an absolute minimum.

Houghton Regis case:

In 2013 we were contacted by Dr Isabella Johnson who, having purchased a purpose-built flat in Houghton Regis in August 2011. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Similar residencies in Houghton Regis with an extended lease were valued around £225,800. The average ground rent payable was £60 collected per annum. The lease concluded in 2086. Having 60 years left we approximated the premium to the landlord for the lease extension to be within £25,700 and £29,600 not including professional charges.

Houghton Regis case:

Ms A Ramírez moved into a one bedroom flat in Houghton Regis in May 2011. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable residencies in Houghton Regis with 100 year plus lease were valued around £210,000. The average amount of ground rent was £50 invoiced every twelve months. The lease came to a finish in 2106. Having 80 years unexpired we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.