Why you should start your Shillington lease extension

Main reasons to commence your Shillington lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Shillington. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Shillington have the right to extend the lease for a further ninety years in accordance with legislation. You should give due consideration before putting off your Shillington lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

Leasehold premises in Shillington with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage on a short lease

What makes us experts in Shillington lease extensions?

Engaging our service will provide you enhanced control over the value of your Shillington leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Shillington Lease Extension Example Cases:

Zachary, Shillington, Bedfordshire

Two years ago Zachary, started to get close to the eighty-year threshold with the lease on his two bedroom flat in Shillington. Having purchased his property twenty years previously, the lease term was of no bearing. Thankfully, he realised he needed to take steps soon on Extending the lease. Zachary was able to extend his lease at the eleventh hour last March. Zachary and the freeholder subsequently settled on sum of £6,000 . If the lease had slipped lower than 80 years, the price would have increased by a minimum £975.

Shillington case:

In 2009 we were phoned by Dr Chloe Martin who, having bought a first floor flat in Shillington in September 2005. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar premises in Shillington with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £45 collected monthly. The lease lapsed in 2095. Taking into account 69 years outstanding we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.

Shillington case:

In 2014 we were called by Mr and Mrs. M Hill who, having took over the lease of a one bedroom apartment in Shillington in February 2005. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparable premises in Shillington with a long lease were valued around £216,000. The mid-range amount of ground rent was £60 invoiced annually. The lease expiry date was on 10 May 2084. Considering the 58 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.