Why you should start your Luton lease extension

Top reasons for lease extension now:

A Luton lease depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in Luton you actually own a long leasehold interest over your property

Luton property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same 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.

Lenders will not grant a mortgage with a short lease

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

Lease extensions in Luton can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Luton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Luton Lease Extension Example Cases:

Hugo, Luton, Bedfordshire

Last October Hugo, started to get close to the 80-year mark with the lease on his one bedroom apartment in Luton. In buying his flat two decades ago, the lease term was of little interest. Thankfully, he became aware that he needed to take action soon on Extending the lease. Hugo was able to extend his lease at the eleventh hour last July. Hugo and the landlord who owned the flat above eventually agreed on sum of £5,500 . If he not met the deadline, the amount would have become more costly by a minimum £850.

Luton case:

In 2014 we were approached by Mr Austin Ward who, having acquired a one bedroom flat in Luton in November 2008. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Identical flats in Luton with a long lease were in the region of £255,000. The average ground rent payable was £50 billed yearly. The lease finished in 2097. Taking into account 71 years unexpired we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.

Luton case:

In 2011 we were phoned by Mr E Anderson who, having owned a basement flat in Luton in July 2011. We are asked if we could approximate the premium would be to extend the lease by 90 years. Comparative premises in Luton with 100 year plus lease were valued about £249,200. The average ground rent payable was £60 invoiced quarterly. The lease concluded in 2077. Given that there were 51 years left we approximated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 plus professional charges.