Why you should start your Princes Risborough lease extension

Main reasons to start your Princes Risborough lease extension today:

A Princes Risborough leasehold property depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Princes Risborough have the right to extend the lease for an additional 90 years in accordance with statute. Do think carefully before delaying your Princes Risborough lease extension. Putting off that expense now simply increases the premium you will ultimately be required to pay to extend the lease.

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

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property on a short lease

Mortgage lenders have specific criteria when loaning funds charged on leasehold property. Some will simply refuse lend at all once the residual lease term drops lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. As well as this being important when selling, it is also relevant if you are seeking to refinance your Princes Risborough home.

Why use us for your lease extension in Princes Risborough?

Lease extensions in Princes Risborough can be a difficult process. We recommend you obtain professional help 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 dealing with Princes Risborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Princes Risborough Lease Extension Example Cases:

Kate, Princes Risborough, Buckinghamshire,

Off the back of lengthy discussions with the landlord of her ground floor flat in Princes Risborough, Kate started the lease extension process just as her lease was nearing the critical eighty-year mark. The transaction completed in February 2012. The freeholder’s charges were kept to an absolute minimum.

Princes Risborough case:

Last month we were e-mailed by Mrs Phoebe Martin , who was assigned a lease of a garden apartment in Princes Risborough in September 1997. The dilemma was if we could estimate the premium would be for a 90 year lease extension. Comparable residencies in Princes Risborough with 100 year plus lease were in the region of £245,000. The average ground rent payable was £45 billed annually. The lease elapsed in 2094. Given that there were 68 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.

Princes Risborough case:

Last Christmas we were e-mailed by Mr and Mrs. U Jones , who acquired a studio apartment in Princes Risborough in October 2000. The dilemma was if we could estimate the price could be to prolong the lease by an additional years. Comparative premises in Princes Risborough with 100 year plus lease were valued around £280,000. The average amount of ground rent was £55 invoiced monthly. The lease terminated in 2105. Given that there were 79 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.