Top reasons for Silsoe lease extension

Top reasons for lease extension now:

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

Silsoe leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Silsoe tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Silsoe you must investigate if your lease has between seventy and 90 years left. There are good reasons why a Silsoe flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is put in place without delay

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage on a short lease

Mortgage companies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering many flats in Silsoe were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Silsoe?

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

Silsoe Lease Extension Case Studies:

Isabel, Silsoe, Bedfordshire,

Subsequent to lengthy correspondence with the freeholder of her studio apartment in Silsoe, Isabel started the lease extension process as the 80 year deadline was swiftly approaching. The transaction completed in January 2014. The landlord’s fees were negotiated to slightly above six hundred pounds.

Silsoe case:

Dr Bethany Robinson bought a ground floor apartment in Silsoe in November 1996. We are asked if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparable premises in Silsoe with 100 year plus lease were in the region of £295,000. The average ground rent payable was £45 invoiced every twelve months. The lease ran out in 2100. Considering the 74 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 not including fees.

Silsoe case:

Last month we were contacted by Ms Natasha Davies , who purchased a newly refurbished apartment in Silsoe in September 1997. The question was if we could approximate the premium would be to extend the lease by an additional years. Comparative homes in Silsoe with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 collected quarterly. The lease concluded on 5 July 2089. Given that there were 63 years left we approximated the premium to the landlord to extend the lease to be within £20,000 and £23,000 plus legals.