Main reasons to start your Great Barford lease extension

Top reasons for lease extension now:

A Great Barford lease depreciates with the years remaining on the lease.

Great Barford residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

Great Barford property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions will not lend on a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term goes below a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below seventy years suitable security. As well as this being important when selling, it is also relevant where you are wanting to refinance your Great Barford property.

Why use us for your lease extension in Great Barford?

Regardless of whether you are a tenant or a landlord in Great Barford,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Great Barford valuers.

Great Barford Lease Extension Example Cases:

Aiden, Great Barford, Bedfordshire,

Aiden owned a conversion apartment in Great Barford on the market with a lease of just over 61 years unexpired. Aiden informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Aiden to invoke his statutory right. Aiden obtained expert legal guidance and secured satisfactory resolution without going to tribunal and sell the property.

Great Barford case:

Last Winter we were e-mailed by Mr H Davies , who was assigned a lease of a basement flat in Great Barford in June 2011. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Identical flats in Great Barford with 100 year plus lease were worth £171,800. The average amount of ground rent was £55 invoiced monthly. The lease termination date was in 2076. Considering the 50 years left we approximated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 plus costs.

Great Barford case:

Mrs Kelsey Collins took over the lease of a first floor flat in Great Barford in March 2005. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Identical premises in Great Barford with 100 year plus lease were valued around £280,000. The mid-range amount of ground rent was £45 billed annually. The lease terminated on 22 March 2096. Considering the 70 years remaining we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including professional charges.