Top reasons for Luton lease extension

Main reasons to commence your Luton lease extension today:

Increase your lease and increase your Luton property value

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

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Some will simply not lend at all once an unexpired lease term drops under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Luton property.

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

Engaging our service gives you better control over the value of your Luton leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Luton Lease Extension Example Cases:

Chelsea, Luton, Bedfordshire,

Following unsuccessful negotiations with the landlord of her basement apartment in Luton, Chelsea commenced the lease extension process as the 80 year threshold was swiftly approaching. The transaction completed in March 2006. The freeholder’s costs were kept to an absolute minimum.

Luton case:

In 2012 we were e-mailed by Mr and Mrs. W Brooks who, having took over the lease of a purpose-built apartment in Luton in April 2002. We are asked if we could estimate the premium could be to prolong the lease by 90 years. Comparable properties in Luton with an extended lease were worth £249,200. The average ground rent payable was £60 billed yearly. The lease lapsed on 26 July 2077. Considering the 51 years left we approximated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 plus legals.

Luton case:

Ms M Sharif was assigned a lease of a garden flat in Luton in June 2003. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Comparative properties in Luton with a long lease were valued about £210,600. The mid-range amount of ground rent was £45 collected yearly. The lease expired in 2088. Given that there were 62 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £18,100 and £20,800 plus expenses.