Top reasons for Potton lease extension

Why you should commence your Potton lease extension today:

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

It’s a harsh certainty that a Potton residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Potton property prices.Where your lease has approximately ninety years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than eighty years - otherwise a higher amount will be due. The majority of flat owners in Potton will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Potton with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Potton were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Potton lease extensions?

Engaging our service will provide you better control over the value of your Potton leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Potton Lease Extension Case Studies:

Kayleigh, Potton, Bedfordshire,

After lengthy correspondence with the freeholder of her one bedroom flat in Potton, Kayleigh commenced the lease extension process as the 80 year threshold was quickly advancing. The transaction completed in November 2013. The freeholder’s charges were kept to an absolute minimum.

Potton case:

Last July we were contacted by Mr and Mrs. G Brooks , who purchased a one bedroom apartment in Potton in July 2002. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable properties in Potton with a long lease were in the region of £216,000. The mid-range amount of ground rent was £60 billed yearly. The lease elapsed on 14 March 2084. Having 58 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus costs.

Potton case:

Last Autumn we were e-mailed by Dr Jackson Wright , who acquired a studio apartment in Potton in March 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Similar residencies in Potton with 100 year plus lease were worth £205,000. The average amount of ground rent was £50 invoiced yearly. The lease expired in 2104. Taking into account 78 years remaining we approximated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.