Top reasons for Elland lease extension

Main reasons to start your Elland lease extension today:

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

The value of Elland leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase substantially once the remaining term is less than 80 years

An extended lease 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 same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

The propensity since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past lenders were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Get in touch with one of our Elland lease extension solicitors or enfranchisement solicitors

Lease extensions in Elland can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Elland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Elland Lease Extension Case Studies:

Callum, Elland, West Yorkshire

Last Winter Callum, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Elland. Having bought his property 18 years previously, the length of the lease was of no bearing. Luckily, he noticed he needed to take steps soon on a lease extension. Callum extended the lease just in the nick of time in January. Callum and the landlord eventually settled on sum of £5,000 . If the lease had dipped below 80 years, the sum would have escalated by at least £850.

Elland case:

In 2009 we were phoned by Mr and Mrs. G Watson who, having purchased a one bedroom flat in Elland in February 2004. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative flats in Elland with an extended lease were worth £225,800. The mid-range ground rent payable was £60 invoiced quarterly. The lease concluded in 2086. Considering the 60 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.

Elland case:

Last Autumn we were phoned by Mrs Chelsea Johnson , who bought a recently refurbished apartment in Elland in February 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Elland with an extended lease were in the region of £210,000. The average ground rent payable was £50 collected quarterly. The lease expiry date was in 2106. Taking into account 80 years remaining we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.