Main reasons to commence your Potton lease extension

Main reasons to commence your Potton lease extension today:

Increase your lease and increase your Potton property value

The value of Potton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase significantly once the unexpired lease term is below than eighty years

Potton property with a lease extension has roughly the same value as a freehold

Leasehold premises in Potton with over 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 property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to issue a mortgage on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. Given that plenty of flats in Potton were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Potton?

Engaging our service will provide you increased control over the value of your Potton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish 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 Example Cases:

David, Potton, Bedfordshire

Last October David, came seriously near to the 80-year mark with the lease on his basement apartment in Potton. Having bought his home two decades ago, the lease term was of minimal importance. Thankfully, he noticed he needed to take action soon on Extending the lease. David extended the lease just ahead of time last August. David and the landlord subsequently settled on the final figure of £6,000 . If the lease had slipped to less than eighty years, the premium would have become more exhorbitant by at least £850.

Potton case:

Ms V Nelson completed a studio apartment in Potton in February 1998. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparative premises in Potton with an extended lease were valued around £295,000. The average amount of ground rent was £45 invoiced quarterly. The lease ended in 2100. Taking into account 74 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Potton case:

In 2010 we were approached by Mr L Wood who, having bought a first floor apartment in Potton in June 2004. We are asked if we could estimate the price would likely be for a ninety year lease extension. Identical homes in Potton with a long lease were in the region of £248,000. The average amount of ground rent was £65 invoiced per annum. The lease expired on 8 February 2089. Having 63 years remaining we calculated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including costs.