Why you should start your Iver lease extension

Top reasons for lease extension now:

A Iver lease depreciates with the years remaining on the lease.

Iver residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

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

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

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

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be insufficient security.

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

The conveyancers that we work with handle Iver 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.

Iver Lease Extension Example Cases:

Kai, Iver, Buckinghamshire,

Kai owned a studio apartment in Iver on the market with a lease of a little over fifty eight years left. Kai informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Kai to invoke his statutory right. Kai obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Iver case:

In 2011 we were contacted by Mr and Mrs. I Cook who, having owned a one bedroom flat in Iver in November 2008. The dilemma was if we could shed any light on how much (roughly) premium could be to extend the lease by an additional years. Comparative flats in Iver with a long lease were valued about £166,400. The mid-range ground rent payable was £60 invoiced yearly. The lease ran out in 2080. Having 54 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including expenses.