Top reasons for Iver lease extension

Top reasons for lease extension now:

Increase your lease and increase your Iver property value

Unfortunately that a Iver residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Iver property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. If the number of years remaining drops below eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most leasehold owners in Iver will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

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

Leasehold properties in Iver with more than one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to lend on a short lease

Lenders are really clamping down as regards to properties in Iver with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

Get in touch with one of our Iver lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in Iver,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Iver valuers.

Iver Lease Extension Example Cases:

Kai, Iver, Buckinghamshire,

Kai was the the leasehold owner of a conversion flat in Iver on the market with a lease of just over 59 years remaining. Kai on an informal basis contacted his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Kai to exercise his statutory right. Kai obtained expert legal guidance and was able to make an informed decision and deal with the matter and ending up with a market value flat.

Iver case:

Dr D Brooks completed a basement apartment in Iver in February 2011. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by an additional years. Comparative flats in Iver with a long lease were in the region of £235,200. The average amount of ground rent was £45 billed monthly. The lease expired in 2092. Taking into account 66 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including fees.