Top reasons for Shefford lease extension

Top reasons for lease extension now:

Increase your lease and increase your Shefford property value

Shefford leases on residential properties are gradually losing value. Where your lease has about 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Shefford will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not qualify. There are prescribed deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend on a short lease

Mortgage companies are really restricting their approach as regards to homes in Shefford with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing the number of potential buyers.

What makes us experts in Shefford lease extensions?

The conveyancing solicitors that we work with handle Shefford lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Shefford Lease Extension Case Summaries:

Erin, Shefford, Bedfordshire,

Trailing unsuccessful negotiations with the landlord of her purpose-built flat in Shefford, Erin started the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in February 2006. The landlord’s fees were kept to an absolute minimum.

Shefford case:

Last Summer we were e-mailed by Ms Ella Torres , who was assigned a lease of a one bedroom apartment in Shefford in February 2007. We are asked if we could estimate the compensation to the landlord would be for a 90 year extension to my lease. Similar residencies in Shefford with a long lease were in the region of £275,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease ran out in 2094. Considering the 68 years as a residual term we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including fees.

Shefford case:

Mr and Mrs. R Howard purchased a garden apartment in Shefford in January 1995. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Similar residencies in Shefford with a long lease were valued about £213,600. The average ground rent payable was £60 collected monthly. The lease finished in 2083. Considering the 57 years as a residual term we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 plus fees.