Main reasons to start your Longford lease extension

Main reasons to start your Longford lease extension today:

Increase your lease and increase your Longford property value

When it comes to residential leasehold property in Longford, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly when there are fewer than 80 years remaining. Leasehold owners in Longford with a lease nearing 81 years unexpired should seriously think of extending it sooner than later. Once a lease has below 80 years remaining, under the current legislation the freeholder can calculate and charge a greater premium, based on a technical calculation, strangely termed as “marriage value” which is due.

Longford property with a lease extension is almost the same value as a freehold

Leasehold properties in Longford with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may not loan monies on a short lease

Nearly all mortgage companies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this will result in your Longford property becoming difficult to sell or to obtain finance on.

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 terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Longford Lease Extension Case Summaries:

Victoria, Longford, West London,

Subsequent to protracted negotiations with the landlord of her ground floor apartment in Longford, Victoria started the lease extension process just as the lease was nearing the crucial 80-year deadline. The transaction was concluded in June 2008. The landlord’s fees were kept to an absolute minimum.

Longford case:

In 2010 we were called by Mrs I Watson who, having acquired a garden flat in Longford in July 2004. The question was if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Longford with a long lease were in the region of £254,200. The average amount of ground rent was £60 collected every twelve months. The lease elapsed on 23 June 2077. Having 51 years remaining we approximated the premium to the landlord to extend the lease to be within £43,700 and £50,600 not including legals.