Main reasons to start your Shenley Brook End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Shenley Brook End property value

Shenley Brook End leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Shenley Brook End residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Shenley Brook End you must see if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you will incur is what is known as a marriage value

Shenley Brook End property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 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 may decide not to grant a mortgage on a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Shenley Brook End if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different lenders have varying criteria but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Shenley Brook End?

Regardless of whether you are a tenant or a freeholder in Shenley Brook End,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shenley Brook End valuers.

Shenley Brook End Lease Extension Case Summaries:

Zachary, Shenley Brook End, Buckinghamshire,

Zachary was the the leasehold owner of a high value apartment in Shenley Brook End being sold with a lease of fraction over 72 years outstanding. Zachary on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Zachary to invoke his statutory right. Zachary obtained expert advice and was able to make a more informed decision and deal with the matter and sell the property.

Shenley Brook End case:

Mr N Nguyen took over the lease of a garden apartment in Shenley Brook End in January 2008. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Comparative premises in Shenley Brook End with 100 year plus lease were worth £290,000. The mid-range ground rent payable was £45 collected annually. The lease lapsed in 2098. Taking into account 72 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 not including fees.

Shenley Brook End case:

Last February we were phoned by Mr and Mrs. T Rose , who owned a first floor apartment in Shenley Brook End in April 2009. We are asked if we could approximate the price could be for a ninety year lease extension. Identical residencies in Shenley Brook End with 100 year plus lease were valued about £233,200. The mid-range ground rent payable was £60 collected annually. The lease lapsed in 2087. Taking into account 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 plus costs.