Why you should start your Leagrave and Chalton lease extension

Top reasons for lease extension now:

A Leagrave and Chalton lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Leagrave and Chalton. Clearly, the length of lease left reduces over time. This is often overlooked and only becomes a problem when the residence needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Leagrave and Chalton have the right to extend the lease for an additional 90 years under the 1993 Leasehold Reform Act. You should give due consideration before putting off your Leagrave and Chalton lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

Leagrave and Chalton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Leagrave and Chalton with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not loan monies with a short lease

Many mortgage lenders require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be aware that it is probable that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Leagrave and Chalton lease extensions?

Lease extensions in Leagrave and Chalton can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

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 a wealth of experience dealing with Leagrave and Chalton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Leagrave and Chalton Lease Extension Case Studies:

Rachael, Leagrave and Chalton, Bedfordshire,

Following protracted discussions with the freeholder of her two bedroom flat in Leagrave and Chalton, Rachael started the lease extension process just as her lease was coming close to the critical 80-year mark. The transaction was finalised in August 2012. The landlord’s fees were kept to an absolute minimum.

Leagrave and Chalton case:

In 2010 we were phoned by Mr P Jackson who, having owned a first floor flat in Leagrave and Chalton in June 1996. The question was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Identical flats in Leagrave and Chalton with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 billed per annum. The lease came to a finish on 12 October 2097. Given that there were 71 years left we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus fees.

Leagrave and Chalton case:

Last Christmas we were e-mailed by Mr and Mrs. J Bertrand , who purchased a garden apartment in Leagrave and Chalton in February 2004. The dilemma was if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Comparable homes in Leagrave and Chalton with 100 year plus lease were in the region of £233,200. The mid-range amount of ground rent was £60 invoiced yearly. The lease concluded in 2087. Given that there were 61 years remaining we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 plus professional charges.