Main reasons to start your Ampthill lease extension

Top reasons for lease extension now:

A Ampthill leasehold property depreciates with the years remaining on the lease.

Ampthill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Ampthill tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Ampthill you must investigate if your lease has between 70 and ninety years left. There are good reasons why a Ampthill leaseholder with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay

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

Leasehold residencies in Ampthill with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Many mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone wishing to buy your property in the future might well do, so where they are not able to secure a mortgage, then the market price of the property could be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Ampthill?

Lease extensions in Ampthill can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

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 Ampthill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ampthill Lease Extension Example Cases:

Toby, Ampthill, Bedfordshire,

Toby was the the leasehold proprietor of a conversion flat in Ampthill on the market with a lease of a few days over sixty years left. Toby on an informal basis contacted his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 yearly. No ground rent would be payable on a lease extension were Toby to exercise his statutory right. Toby procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Ampthill case:

Last Spring we were e-mailed by Mr Alexander Cooper , who took over the lease of a first floor apartment in Ampthill in May 2004. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by a further 90 years. Similar properties in Ampthill with a long lease were valued about £270,000. The mid-range amount of ground rent was £55 collected annually. The lease concluded on 21 April 2102. Given that there were 76 years remaining we estimated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Ampthill case:

Mr and Mrs. Y Mercier bought a basement apartment in Ampthill in March 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Identical premises in Ampthill with 100 year plus lease were worth £176,200. The average ground rent payable was £65 invoiced per annum. The lease concluded on 7 May 2082. Considering the 56 years unexpired we approximated the premium to the landlord to extend the lease to be within £29,500 and £34,000 plus professional charges.