Main reasons to start your Longford lease extension

Why you should commence your Longford lease extension today:

Increase your lease and increase your Longford property value

Unfortunately that a Longford residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Longford property prices.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining dips below 80 years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Longford will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

An extended lease is almost the same value as a freehold

Leasehold premises in Longford with in excess of one hundred years unexpired 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 upside in buying the freehold unless savings on ground rent and service charges warrant it.

Lending institutions will not finance a property with a short lease

The trend since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Longford lease extensions?

Using our service gives you enhanced control over the value of your Longford leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Longford Lease Extension Example Cases:

Aaron, Longford, West London

Last Spring Aaron, came critically close to the 80-year threshold with the lease on his purpose- built flat in Longford. Having purchased his flat two decades ago, the unexpired term was of little concern. Fortunately, he became aware that he would soon be paying way over the odds for Extending the lease. Aaron extended the lease just ahead of time last August. Aaron and the freeholder via the management company subsequently agreed on an amount of £6,000 . If he failed to meet the deadline, the price would have become more costly by at least £850.

Longford case:

Last Summer we were approach by Mr E Hall , who purchased a basement apartment in Longford in September 2006. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar premises in Longford with 100 year plus lease were in the region of £168,800. The average amount of ground rent was £60 billed every twelve months. The lease came to a finish in 2081. Given that there were 55 years remaining we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of fees.