Main reasons to start your Leven lease extension

Why you should start your Leven lease extension today:

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

Leven residential property held on a long lease is a wasting asset as the 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 more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lenders may not issue a mortgage with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired below 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are seeking to refinance your Leven home.

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

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

Leven Lease Extension Case Summaries:

William, Leven, East Yorkshire

Last Spring William, started to get close to the eighty-year mark with the lease on his garden apartment in Leven. Having bought his property two decades ago, the lease term was of no significance. Luckily, it dawned on him that he needed to take steps soon on Extending the lease. William extended the lease just in the nick of time in June. William and the freeholder via the management company in the end agreed on an amount of £5,500 . If he failed to meet the deadline, the amount would have increased by at least £1,125.

Leven case:

Dr Isabella Richardson took over the lease of a recently refurbished flat in Leven in October 2001. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Similar flats in Leven with 100 year plus lease were worth £245,000. The average ground rent payable was £45 invoiced quarterly. The lease ended on 27 August 2094. Given that there were 68 years remaining we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus expenses.

Leven case:

In 2011 we were e-mailed by Mr and Mrs. W Anderson who, having was assigned a lease of a studio apartment in Leven in October 2000. We are asked if we could approximate the price could be to extend the lease by an additional years. Identical premises in Leven with 100 year plus lease were in the region of £285,000. The average ground rent payable was £55 invoiced quarterly. The lease expired on 18 May 2105. Considering the 79 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of fees.