Main reasons to start your Leven lease extension

Main reasons to start your Leven lease extension today:

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

Leven 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. If lease term is less than eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Leven will usually be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In certain situations you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Leven with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders will not finance a property on a short lease

Mortgage companies are really clamping down as regards to properties in Leven with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus narrowing the amount of potential purchasers.

Get in touch with one of our Leven lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Leven,the lease extension solicitors that we work with will always be prepared 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 Example Cases:

Olivia, Leven, East Yorkshire,

In the wake of eight months of lengthy correspondence with the freeholder of her basement flat in Leven, Olivia commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension was finalised in September 2007. The freeholder’s charges were restricted to a tad over 650 pounds.

Leven case:

Last Summer we were called by Mr O Bertrand , who owned a ground floor flat in Leven in February 2003. The question was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Comparable flats in Leven with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed on 4 November 2086. Having 60 years outstanding we approximated the premium to the landlord for the lease extension to be within £20,900 and £24,200 exclusive of costs.

Leven case:

Last year we were phoned by Dr D Wood , who moved into a studio flat in Leven in October 2007. The dilemma was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Similar properties in Leven with an extended lease were in the region of £255,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed in 2097. Given that there were 71 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus expenses.