Main reasons to start your Ampthill lease extension

Why you should commence your Ampthill lease extension today:

Increase your lease and increase your Ampthill property value

The only way is down when it comes to Ampthill lease terms. Ampthill flats that have a lease term fewer than eighty years will reduce in value even faster, and the cost of extending your lease will rise.

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

Leasehold properties in Ampthill with over one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders will not loan monies with a short lease

Almost all banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Ampthill property becoming difficult to sell or to obtain finance on.

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

Lease extensions in Ampthill can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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:

Ibrahim, Ampthill, Bedfordshire

In recent months Ibrahim, came perilously near to the 80-year threshold with the lease on his two bedroom flat in Ampthill. In buying his flat two decades ago, the length of the lease was of no interest. Thankfully, he became aware that he needed to take action soon on a lease extension. Ibrahim extended the lease just under the wire last September. Ibrahim and the landlord who owned the flat above ultimately agreed on sum of £6,000 . If he not met the deadline, the amount would have increased by a minimum £1,150.

Ampthill case:

Last Summer we were called by Ms R Wilson , who took over the lease of a ground floor flat in Ampthill in September 1996. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable properties in Ampthill with an extended lease were valued about £260,000. The mid-range amount of ground rent was £50 collected monthly. The lease terminated in 2098. Taking into account 72 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Ampthill case:

In 2010 we were contacted by Mrs L Torres who, having acquired a garden apartment in Ampthill in May 2007. The question was if we could shed any light on how much (approximately) price would be for a 90 year extension to my lease. Similar properties in Ampthill with 100 year plus lease were in the region of £256,600. The average ground rent payable was £60 collected monthly. The lease ended on 14 June 2078. Taking into account 52 years left we estimated the premium to the freeholder to extend the lease to be within £41,800 and £48,400 exclusive of costs.