Top reasons for Leven lease extension

Why you should commence your Leven lease extension today:

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

The only way is down when it comes to Leven lease terms. Leven leaseholds that have a lease term less than than eighty years will drop in market price even faster, and the cost of extending your lease will go up.

Leven property with a lease extension has roughly the same value as a freehold

Leasehold premises in Leven with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties once you come to sell or remortgage your property as it will be practically unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must hold off for 2 years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Leven?

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

Leven Lease Extension Case Studies:

David, Leven, East Yorkshire

In 2014 David, started to get near to the 80-year threshold with the lease on his garden flat in Leven. Having bought his property twenty years ago, the unexpired term was of no concern. Fortunately, he recognised he needed to take action soon on Extending the lease. David arranged for a lease extension just under the wire in January. David and the freeholder via the management company subsequently agreed on the final figure of £6,000 . If he had missed the deadline, the figure would have gone up by at least £1,025.

Leven case:

Last Summer we were approach by Dr Blake Collins , who was assigned a lease of a studio flat in Leven in June 2010. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparable residencies in Leven with an extended lease were valued about £270,000. The mid-range ground rent payable was £55 collected yearly. The lease concluded on 28 February 2102. Taking into account 76 years left we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus fees.

Leven case:

Mr and Mrs. M Smith moved into a purpose-built apartment in Leven in March 2011. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical homes in Leven with a long lease were worth £176,200. The mid-range amount of ground rent was £65 billed monthly. The lease terminated on 25 August 2082. Having 56 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £29,500 and £34,000 plus legals.