Main reasons to commence your Linslade lease extension

Why you should start your Linslade lease extension today:

A Linslade leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Linslade you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Linslade with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not lend on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to obtain a mortgage, then the value of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Linslade lease extensions?

Lease extensions in Linslade can be a difficult process. We recommend you procure guidance from a lawyer 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 procuring Linslade lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Linslade Lease Extension Case Summaries:

Freya, Linslade, Bedfordshire,

Trailing protracted discussions with the freeholder of her basement flat in Linslade, Freya commenced the lease extension process just as her lease was nearing the all-important 80-year deadline. The legal work was concluded in October 2010. The freeholder’s charges were negotiated to a tad over 700 GBP.

Linslade case:

In 2013 we were contacted by Mrs T Ali who, having moved into a first floor flat in Linslade in April 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Similar homes in Linslade with a long lease were worth £171,800. The mid-range ground rent payable was £55 invoiced per annum. The lease elapsed on 10 October 2076. Taking into account 50 years unexpired we calculated the premium to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of professional charges.

Linslade case:

Last Winter we were called by Mrs Emma Gunderson , who owned a first floor apartment in Linslade in March 2009. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year extension to my lease. Identical properties in Linslade with 100 year plus lease were valued about £280,000. The average ground rent payable was £45 invoiced monthly. The lease came to a finish in 2096. Having 70 years unexpired we approximated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.