Main reasons to start your Leven lease extension

Main reasons to start your Leven lease extension today:

Increase your lease and increase your Leven property value

Leven leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Leven will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Leven with more than 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 home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not grant a mortgage with a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Leven?

Irrespective of whether you are a tenant or a freeholder in Leven,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Leven valuers.

Leven Lease Extension Case Summaries:

Naomi, Leven, East Yorkshire,

Subsequent to protracted discussions with the landlord of her two bedroom flat in Leven, Naomi started the lease extension process as the 80 year threshold was fast approaching. The legal work completed in June 2005. The freeholder’s costs were negotiated to below 700 GBP.

Leven case:

Last Autumn we were approach by Dr Andrew Leroy , who took over the lease of a purpose-built apartment in Leven in February 2011. The question was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparable properties in Leven with a long lease were valued about £260,000. The average amount of ground rent was £50 collected yearly. The lease terminated on 20 June 2098. Having 72 years remaining we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Leven case:

Mr and Mrs. R Green bought a studio apartment in Leven in March 2005. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Leven with an extended lease were valued about £256,600. The mid-range ground rent payable was £60 billed per annum. The lease concluded in 2078. Considering the 52 years remaining we estimated the compensation to the landlord to extend the lease to be between £41,800 and £48,400 exclusive of fees.