Main reasons to commence your Linslade lease extension

Top reasons for lease extension now:

Increase your lease and increase your Linslade property value

Linslade leases on domestic properties are gradually losing value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for your lease extension to be in place before the term of the current lease falls below eighty years - otherwise a higher amount will be payable. Flat owners in Linslade will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and steps to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties when you need to dispose of or refinance your flat as it will be practically unmortgageable. You might have no imminent desire to sell but when you do your buyer must hold off for 2 years before being able to initiate the legal procedures for a lease extension.

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

The lawyers that we work with undertake Linslade 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 lawyer we work with provide it.

Linslade Lease Extension Example Cases:

Jackson, Linslade, Bedfordshire

Last Winter Jackson, started to get close to the 80-year mark with the lease on his one bedroom flat in Linslade. In buying his property 18 years ago, the length of the lease was of little bearing. As luck would have it, he realised he needed to take steps soon on a lease extension. Jackson extended the lease just under the wire in June. Jackson and the landlord in the end settled on an amount of £5,000 . If the lease had dropped below eighty years, the price would have escalated by a minimum £1,100.

Linslade case:

In 2012 we were contacted by Ms R André who, having took over the lease of a recently refurbished apartment in Linslade in November 2003. The question was if we could estimate the price would be to prolong the lease by ninety years. Identical residencies in Linslade with an extended lease were valued about £196,400. The mid-range ground rent payable was £55 billed yearly. The lease ended in 2080. Considering the 54 years as a residual term we calculated the premium to the landlord for the lease extension to be within £34,200 and £39,600 plus costs.

Linslade case:

Last Autumn we were e-mailed by Mr S Petit , who took over the lease of a basement apartment in Linslade in March 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Linslade with 100 year plus lease were worth £295,000. The average ground rent payable was £45 billed annually. The lease came to a finish in 2100. Considering the 74 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including costs.