Top reasons for Ampthill lease extension

Main reasons to commence your Ampthill lease extension today:

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

On the balance of probabilities where 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

Leasehold properties in Ampthill with more than 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 purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders will not issue a mortgage on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this could result in your Ampthill property becoming difficult to dispose of or remortgage.

What makes us experts in Ampthill lease extensions?

Lease extensions in Ampthill can be a difficult process. We recommend you secure guidance from a conveyancer and valuer with experience in lease extensions.

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:

Eli, Ampthill, Bedfordshire,

Eli was the the leasehold owner of a 2 bedroom apartment in Ampthill being sold with a lease of just over 72 years unexpired. Eli on an informal basis spoke with his freeholder being a well known London-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eli to exercise his statutory right. Eli procured expert advice and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Ampthill case:

Mr I Walker owned a basement apartment in Ampthill in August 2000. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparable residencies in Ampthill with 100 year plus lease were valued around £264,000. The mid-range amount of ground rent was £60 billed per annum. The lease ended on 16 July 2079. Given that there were 53 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £37,100 and £42,800 plus legals.

Ampthill case:

Last Winter we were approach by Mrs N Taylor , who was assigned a lease of a garden flat in Ampthill in April 2005. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparable premises in Ampthill with 100 year plus lease were worth £220,400. The mid-range ground rent payable was £45 collected every twelve months. The lease finished in 2090. Considering the 64 years remaining we estimated the premium to the freeholder to extend the lease to be between £15,200 and £17,600 not including fees.