Top reasons for Ampthill lease extension

Why you should start your Ampthill lease extension today:

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

On the balance of probabilities if you own a flat in Ampthill you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold residence before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone wanting to purchase your property in the future might well do, so if they are not able to secure a mortgage, then the value of the property could be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Ampthill?

The lawyers that we work with undertake Ampthill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Ampthill Lease Extension Case Summaries:

Stephanie, Ampthill, Bedfordshire,

Subsequent to unsuccessful negotiations with the landlord of her first floor apartment in Ampthill, Stephanie initiated the lease extension process just as her lease was approaching the crucial eighty-year mark. The lease extension was concluded in March 2015. The freeholder’s charges were kept to an absolute minimum.

Ampthill case:

In 2014 we were approached by Ms Emma Roux who, having completed a first floor apartment in Ampthill in July 2011. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Identical premises in Ampthill with 100 year plus lease were worth £285,000. The average amount of ground rent was £55 collected annually. The lease terminated in 2106. Considering the 80 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 plus fees.

Ampthill case:

Mr and Mrs. O Johnson completed a first floor flat in Ampthill in January 2000. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative flats in Ampthill with 100 year plus lease were worth £200,800. The mid-range ground rent payable was £65 collected yearly. The lease lapsed in 2086. Considering the 60 years left we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 not including legals.