Why you should start your Leconfield lease extension

Why you should commence your Leconfield lease extension today:

Increase your lease and increase your Leconfield property value

Leconfield leases on domestic properties are gradually losing value. if your lease has about ninety years remaining, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease drops below 80 years - otherwise a higher amount will be due. Leasehold owners in Leconfield will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain situations you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

Leconfield property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Leconfield if the unexpired lease term is under the criteria set by most lenders. Different mortgage companies have different requirements but on the whole theyrequire an unexpired term of at least 65 years.

What makes us experts in Leconfield lease extensions?

The conveyancing solicitors that we work with procure 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 conveyancer we work with provide it.

Leconfield Lease Extension Case Studies:

Leo, Leconfield, East Yorkshire

In recent months Leo, started to get close to the eighty-year mark with the lease on his studio apartment in Leconfield. In buying his property two decades ago, the lease term was of no interest. Fortunately, he noticed he needed to take steps soon on Extending the lease. Leo extended the lease at the eleventh hour in March. Leo and the freeholder via the management company in the end agreed on an amount of £5,500 . If he had missed the deadline, the sum would have increased by at least £1,000.

Leconfield case:

Last Autumn we were contacted by Mr and Mrs. J Moore , who owned a ground floor apartment in Leconfield in April 2011. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Comparable properties in Leconfield with a long lease were worth £176,200. The average ground rent payable was £65 billed per annum. The lease came to a finish on 1 May 2082. Given that there were 56 years left we estimated the premium to the landlord to extend the lease to be between £29,500 and £34,000 not including legals.

Leconfield case:

Last year we were contacted by Mr and Mrs. R Pérez , who completed a studio apartment in Leconfield in July 2012. We are asked if we could approximate the price could be for a 90 year extension to my lease. Identical residencies in Leconfield with 100 year plus lease were worth £237,600. The average amount of ground rent was £45 collected per annum. The lease finished on 5 February 2093. Having 67 years outstanding we approximated the premium to the freeholder for the lease extension to be within £11,400 and £13,200 not including fees.