Top reasons for Potton lease extension

Main reasons to start your Potton lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Potton can extend the lease for an additional 90 years under statute. Do think carefully before delaying your Potton lease extension. Shelving the costs now simply increases the amount you will eventually have to pay for a lease extension.

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

Leasehold premises in Potton with in excess of one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering plenty of flats in Potton were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Potton?

The lawyers that we work with handle Potton 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 conveyancer we work with provide it.

Potton Lease Extension Case Studies:

Sam, Potton, Bedfordshire,

Sam was the the leasehold owner of a conversion apartment in Potton on the market with a lease of a little over 72 years left. Sam on an informal basis spoke with his freeholder being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Sam to exercise his statutory right. Sam procured expert legal guidance and secured satisfactory deal informally and sell the flat.

Potton case:

Last Christmas we were e-mailed by Dr Ali Fournier , who acquired a one bedroom apartment in Potton in September 2001. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparative properties in Potton with a long lease were valued about £205,000. The mid-range amount of ground rent was £50 billed monthly. The lease expired on 1 July 2104. Considering the 78 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of fees.

Potton case:

In 2011 we were phoned by Mr and Mrs. E Wilson who, having was assigned a lease of a basement apartment in Potton in June 2009. The question was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical residencies in Potton with a long lease were worth £267,600. The mid-range ground rent payable was £65 collected yearly. The lease finished on 13 July 2093. Taking into account 67 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.