Main reasons to commence your Shenley Church End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Shenley Church End property value

Shenley Church End leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Shenley Church End tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Shenley Church End you should see if your lease has between 70 and ninety years left. There are good reasons why a Shenley Church End flat owner with a lease having around 80 years unexpired should take steps to ensure that a lease extension is actioned without delay

Shenley Church End property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 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.

Lenders may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once the residual lease term slips under a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired below 75 years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Shenley Church End home.

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

Engaging our service gives you increased control over the value of your Shenley Church End leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Shenley Church End Lease Extension Case Studies:

Kate, Shenley Church End, Buckinghamshire,

After protracted correspondence with the freeholder of her ground floor flat in Shenley Church End, Kate commenced the lease extension process just as her lease was nearing the critical eighty-year deadline. The transaction was concluded in August 2012. The freeholder’s charges were negotiated to a tad over 450 pounds.

Shenley Church End case:

Last Summer we were e-mailed by Dr L Gómez , who bought a recently refurbished flat in Shenley Church End in September 1998. The dilemma was if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Identical properties in Shenley Church End with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 collected quarterly. The lease came to a finish on 22 September 2101. Having 75 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Shenley Church End case:

In 2011 we were contacted by Dr H Baker who, having purchased a basement flat in Shenley Church End in March 2007. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Identical properties in Shenley Church End with an extended lease were valued about £250,400. The mid-range amount of ground rent was £65 invoiced annually. The lease terminated on 5 January 2090. Given that there were 64 years remaining we calculated the compensation to the freeholder for the lease extension to be within £19,000 and £22,000 exclusive of professional charges.