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Main reasons to commence your Leeswood lease extension

Main reasons to commence your Leeswood lease extension today:

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

Leeswood residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lenders may not finance a property with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be deficient security.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.

Why use us for your lease extension in Leeswood?

The conveyancing solicitors that we work with procure Leeswood 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 lawyer we work with provide it.

Leeswood Lease Extension Example Cases:

Samantha, Leeswood, Flintshire,

Trailing unsuccessful correspondence with the landlord of her ground floor flat in Leeswood, Samantha commenced the lease extension process as the 80 year deadline was quickly coming. The lease extension was finalised in June 2009. The freeholder’s charges were kept to an absolute minimum.

Leeswood case:

Mr and Mrs. H André owned a first floor flat in Leeswood in August 1997. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Identical flats in Leeswood with an extended lease were in the region of £280,000. The average amount of ground rent was £45 invoiced annually. The lease ran out on 4 January 2095. Given that there were 70 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.

Leeswood case:

Last Autumn we were approach by Ms C Norbert , who acquired a newly refurbished apartment in Leeswood in February 2001. We are asked if we could estimate the price could be for a ninety year extension to my lease. Identical properties in Leeswood with 100 year plus lease were valued around £223,400. The mid-range amount of ground rent was £60 billed yearly. The lease lapsed on 16 August 2084. Considering the 59 years remaining we estimated the premium to the landlord for the lease extension to be between £27,600 and £31,800 plus legals.