Main reasons to commence your Toddington lease extension

Main reasons to start your Toddington lease extension today:

Increase your lease and increase your Toddington property value

Chances are that where you own a flat in Toddington you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold properties in Toddington with in excess of 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not issue a mortgage on a short lease

Most high street banks are tightening their criteria and many now require flats to have at least 60 if not 70 years left once the mortgage has expired. Given that many flats in Toddington were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Get in touch with one of our Toddington lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your Toddington leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Toddington Lease Extension Example Cases:

Aarav, Toddington, Bedfordshire

During the course of the last few months Aarav, came very close to the eighty-year threshold with the lease on his two bedroom flat in Toddington. Having bought his property 18 years previously, the length of the lease was of no relevance. Thankfully, he realised he needed to take steps soon on Extending the lease. Aarav arranged for a lease extension just under the wire in January. Aarav and the landlord who owned the flat above subsequently agreed on sum of £6,000 . If the lease had slid to less than eighty years, the amount would have gone up by a minimum £1,075.

Toddington case:

Last Spring we were approach by Mr A Jones , who acquired a recently refurbished flat in Toddington in November 2002. The question was if we could approximate the premium would be to extend the lease by a further 90 years. Comparative premises in Toddington with a long lease were valued around £270,000. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated on 22 April 2101. Considering the 75 years unexpired we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Toddington case:

Last July we were approach by Mr and Mrs. R Lambert , who owned a first floor apartment in Toddington in July 2008. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparable homes in Toddington with 100 year plus lease were in the region of £168,800. The average ground rent payable was £60 billed monthly. The lease finished in 2081. Given that there were 55 years unexpired we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 not including expenses.