Top reasons for Newbury Park lease extension

Why you should commence your Newbury Park lease extension today:

Increase your lease and increase your Newbury Park property value

Newbury Park leases on domestic properties are gradually losing value. if your lease has about ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Newbury Park will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain cases you may not qualify. There are also strict timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancer during the process.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by mortgage companies has increased. Historically lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Newbury Park?

Irrespective of whether you are a tenant or a landlord in Newbury Park,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 in-depth market knowledge and the close ties they enjoy with Newbury Park valuers.

Newbury Park Lease Extension Case Summaries:

Grace, Newbury Park, Essex,

Following protracted discussions with the freeholder of her two bedroom flat in Newbury Park, Grace commenced the lease extension process as the eighty year mark was swiftly approaching. The legal work was finalised in September 2013. The landlord’s fees were kept to an absolute minimum.

Newbury Park case:

Dr A Nguyen owned a one bedroom flat in Newbury Park in January 2001. The question was if we could estimate the price could be to prolong the lease by a further 90 years. Comparative properties in Newbury Park with a long lease were worth £174,200. The average amount of ground rent was £55 billed quarterly. The lease finished in 2077. Taking into account 51 years as a residual term we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of expenses.