Main reasons to commence your Leconfield lease extension

Why you should start your Leconfield lease extension today:

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

Leconfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Leconfield tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Leconfield you really ought to check if your lease has between 70 and ninety years left. There are compelling reasons why a Leconfield leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Leconfield with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lenders may not loan monies with a short lease

Mortgage companies are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years left at the end of the mortgage. As many flats in Leconfield were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Leconfield?

Engaging our service gives you better control over the value of your Leconfield leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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.

Leconfield Lease Extension Example Cases:

Madeleine, Leconfield, East Yorkshire,

Trailing protracted discussions with the freeholder of her basement flat in Leconfield, Madeleine commenced the lease extension process as the 80 year threshold was rapidly coming. The transaction was finalised in September 2013. The landlord’s costs were kept to an absolute minimum.

Leconfield case:

Last month we were approach by Mr P Rivera , who owned a ground floor flat in Leconfield in March 1997. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Leconfield with a long lease were worth £255,000. The average amount of ground rent was £50 collected quarterly. The lease elapsed in 2097. Taking into account 71 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Leconfield case:

Last Winter we were e-mailed by Mr and Mrs. V Rivera , who was assigned a lease of a studio apartment in Leconfield in March 2009. We are asked if we could shed any light on how much (approximately) premium would likely be to extend the lease by a further 90 years. Comparable premises in Leconfield with a long lease were valued around £254,200. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease terminated in 2077. Taking into account 51 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £43,700 and £50,600 plus expenses.