Main reasons to commence your Leconfield lease extension

Main reasons to commence your Leconfield lease extension today:

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

Leconfield leases on domestic properties are gradually losing value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease drops below this level then you begin incurring an additional element called marriage value. Flat owners in Leconfield will mostly be legally entitled to a lease extension; however a solicitor will check your eligibility. In some cases you may not qualify. There are also strict deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not grant a mortgage with a short lease

Lending institutions have set criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years suitable security. As well as this being important when selling, it is also relevant where you are wanting to remortgage your Leconfield home.

Why use us for your lease extension in Leconfield?

Using our service will provide you better control over the value of your Leconfield leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Leconfield Lease Extension Case Summaries:

Isobel, Leconfield, East Yorkshire,

After unsuccessful discussions with the landlord of her basement flat in Leconfield, Isobel initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was finalised in October 2006. The freeholder’s costs were restricted to a tad over 500 GBP.

Leconfield case:

In 2011 we were phoned by Dr Logan Lee who, having was assigned a lease of a basement apartment in Leconfield in October 2007. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparative flats in Leconfield with a long lease were worth £237,600. The mid-range amount of ground rent was £45 collected quarterly. The lease terminated in 2093. Given that there were 67 years remaining we calculated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 exclusive of legals.

Leconfield case:

Last November we were phoned by Mr M Watson , who moved into a studio flat in Leconfield in February 2003. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Identical premises in Leconfield with an extended lease were valued about £280,000. The mid-range ground rent payable was £55 billed annually. The lease terminated in 2104. Taking into account 78 years unexpired we estimated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of fees.