Why you should start your Silsoe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Silsoe property value

The market value of a leasehold property in Silsoe depends on how long the lease has left to run. If it is near to or less than eighty years you should anticipate problems on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is ideal to start the process of extending the lease is when a lease still has 82 years unexpired so that formalities can be addressed ahead of the 80 year threshold. Statute entitles Silsoe qualifying lessees to obtain a new lease which will be for the current unexpired lease term plus a further term of 90 years. The reason of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Mortgage companies will not grant a mortgage on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Silsoe if the unexpired term of your lease is under the criteria set by the majority of lenders. Different lenders have varying requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Silsoe lease extensions?

The lawyers that we work with procure Silsoe 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 conveyancing solicitor we work with provide it.

Silsoe Lease Extension Example Cases:

Zoe, Silsoe, Bedfordshire,

Subsequent to unsuccessful correspondence with the landlord of her leasehold flat in Silsoe, Zoe started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The legal work was concluded in May 2009. The freeholder’s costs were kept to an absolute minimum.

Silsoe case:

In 2011 we were contacted by Ms Imogen Campbell who, having moved into a garden flat in Silsoe in September 2011. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in Silsoe with a long lease were in the region of £216,000. The average amount of ground rent was £60 billed yearly. The lease ended in 2084. Given that there were 58 years as a residual term we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus legals.

Silsoe case:

In 2013 we were phoned by Mrs Georgia Gómez who, having moved into a ground floor apartment in Silsoe in March 2012. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Similar residencies in Silsoe with an extended lease were in the region of £205,000. The average ground rent payable was £50 invoiced per annum. The lease concluded in 2104. Considering the 78 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.