Why you should commence your Leconfield lease extension

Main reasons to commence your Leconfield lease extension today:

Increase your lease and increase your Leconfield property value

The value of Leconfield leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the unexpired lease term is below than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be worth the same as a freehold for decades to come.

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

Lenders are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Given that plenty of flats in Leconfield were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Leconfield?

The lawyers that we work with handle Leconfield 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.

Leconfield Lease Extension Case Summaries:

William, Leconfield, East Yorkshire,

William owned a conversion flat in Leconfield being marketed with a lease of just over fifty eight years outstanding. William on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were William to exercise his statutory right. William procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Leconfield case:

In 2012 we were approached by Mr and Mrs. S Howard who, having took over the lease of a one bedroom flat in Leconfield in May 2007. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable premises in Leconfield with a long lease were in the region of £200,800. The mid-range amount of ground rent was £65 billed monthly. The lease expired on 23 May 2086. Given that there were 60 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £20,900 and £24,200 plus legals.

Leconfield case:

In 2013 we were contacted by Dr Abigail Martinez who, having bought a basement apartment in Leconfield in June 1999. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable homes in Leconfield with 100 year plus lease were valued around £255,000. The average amount of ground rent was £50 billed yearly. The lease concluded in 2097. Having 71 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus expenses.