Top reasons for Newton Longville lease extension

Why you should start your Newton Longville lease extension today:

Increase your lease and increase your Newton Longville property value

Chances are that where you own a flat in Newton Longville you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Lenders are really restricting their approach as regards to properties in Newton Longville with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Newton Longville?

Using our service will provide you increased control over the value of your Newton Longville leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Newton Longville Lease Extension Example Cases:

Aiden, Newton Longville, Buckinghamshire

Half a year ago Aiden, came dangerously close to the 80-year threshold with the lease on his basement apartment in Newton Longville. In buying his home two decades ago, the length of the lease was of no concern. Luckily, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Aiden arranged for a lease extension just ahead of time in May. Aiden and the landlord who owned the flat above subsequently agreed on a premium of £6,000 . If the lease had gone to less than 80 years, the sum would have escalated by a minimum £900.

Newton Longville case:

In 2013 we were called by Mr and Mrs. W Clark who, having acquired a basement apartment in Newton Longville in July 2000. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Identical premises in Newton Longville with a long lease were in the region of £206,200. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease terminated on 17 March 2082. Taking into account 56 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 not including costs.

Newton Longville case:

Mr and Mrs. V Davies bought a one bedroom flat in Newton Longville in January 2007. We are asked if we could approximate the price could be for a 90 year extension to my lease. Similar flats in Newton Longville with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 billed annually. The lease ran out in 2102. Considering the 76 years remaining we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus fees.