Why you should start your Newton Longville lease extension

Main reasons to start your Newton Longville lease extension today:

A Newton Longville lease depreciates with the years remaining on the lease.

The only way is down when it comes to Newton Longville lease terms. Newton Longville properties that have a remaining term less than than 80 years will reduce in market price even faster, and the cost to extend your lease will go up.

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

It is generally accepted that a property with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may not finance a property on a short lease

What makes us experts in Newton Longville lease extensions?

Regardless of whether you are a tenant or a landlord in Newton Longville,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Newton Longville valuers.

Newton Longville Lease Extension Case Studies:

Jason, Newton Longville, Buckinghamshire

In 2014 Jason, came precariously near to the 80-year threshold with the lease on his basement apartment in Newton Longville. Having bought his property 18 years previously, the length of the lease was of minimal importance. Fortunately, it dawned on him that he needed to take action soon on a lease extension. Jason extended the lease at the eleventh hour in May. Jason and the landlord who owned the flat above ultimately agreed on a premium of £5,500 . If he not met the deadline, the price would have become more exhorbitant by at least £1,000.

Newton Longville case:

In 2014 we were phoned by Dr M Carter who, having acquired a first floor flat in Newton Longville in March 2001. The dilemma was if we could estimate the price would be for a ninety year extension to my lease. Identical residencies in Newton Longville with a long lease were in the region of £295,000. The average amount of ground rent was £50 collected quarterly. The lease lapsed in 2101. Given that there were 75 years left we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including costs.

Newton Longville case:

In 2012 we were called by Mr and Mrs. O Leroy who, having was assigned a lease of a purpose-built apartment in Newton Longville in August 2009. We are asked if we could estimate the premium could be to extend the lease by an additional years. Similar homes in Newton Longville with 100 year plus lease were worth £250,400. The average ground rent payable was £65 invoiced monthly. The lease expired on 7 May 2090. Considering the 64 years remaining we approximated the premium to the landlord to extend the lease to be within £19,000 and £22,000 plus fees.