Why you should commence your Long Buckby lease extension

Main reasons to commence your Long Buckby lease extension today:

A Long Buckby leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Long Buckby can extend the lease for an additional ninety years under Leasehold Reform legislation. Please think carefully before delaying your Long Buckby lease extension. Postponing the costs now simply escalates the price you will eventually have to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not finance a property with a short lease

Many mortgage companies insist on a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is probable that someone wishing to buy your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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

Irrespective of whether you are a tenant or a freeholder in Long Buckby,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Long Buckby valuers.

Long Buckby Lease Extension Case Studies:

Kirsty, Long Buckby, Northamptonshire,

After unsuccessful negotiations with the freeholder of her purpose-built apartment in Long Buckby, Kirsty started the lease extension process just as the lease was coming close to the all-important 80-year mark. The legal work completed in June 2008. The freeholder’s fees were negotiated to about 500 pounds.

Long Buckby case:

In 2012 we were approached by Ms Samantha David who, having was assigned a lease of a one bedroom apartment in Long Buckby in March 2012. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Long Buckby with 100 year plus lease were worth £176,200. The average amount of ground rent was £65 billed quarterly. The lease lapsed on 16 January 2082. Having 56 years as a residual term we calculated the premium to the landlord for the lease extension to be between £29,500 and £34,000 not including fees.

Long Buckby case:

Last Spring we were phoned by Dr T Hill , who acquired a one bedroom flat in Long Buckby in January 2010. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Similar residencies in Long Buckby with a long lease were worth £242,600. The average ground rent payable was £45 collected every twelve months. The lease ended on 28 September 2093. Given that there were 67 years unexpired we estimated the premium to the landlord for the lease extension to be within £11,400 and £13,200 plus professional charges.