Main reasons to commence your Rawcliffe lease extension

Main reasons to commence your Rawcliffe lease extension today:

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

Chances are that if you own a flat in Rawcliffe you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage on a short lease

Lenders do not grant a mortgage on short residential leases. You most probably encounter problems if you need to sell your flat in Rawcliffe if the remaining term of your lease is less than the criteria set by most lenders. Different lenders have different criteria but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Rawcliffe?

The conveyancers that we work with undertake Rawcliffe 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.

Rawcliffe Lease Extension Case Studies:

Lydia, Rawcliffe, East Yorkshire,

Trailing protracted discussions with the landlord of her garden apartment in Rawcliffe, Lydia initiated the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work was concluded in October 2011. The landlord’s costs were negotiated to less than 500 GBP.

Rawcliffe case:

Last Summer we were approach by Mrs Emma Campbell , who purchased a studio apartment in Rawcliffe in July 2007. We are asked if we could estimate the price would likely be for a 90 year lease extension. Identical properties in Rawcliffe with 100 year plus lease were valued about £201,200. The mid-range ground rent payable was £55 billed yearly. The lease finished on 21 July 2082. Considering the 56 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including costs.

Rawcliffe case:

In 2014 we were called by Mr O Green who, having completed a one bedroom flat in Rawcliffe in January 2010. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Similar premises in Rawcliffe with 100 year plus lease were valued about £300,000. The mid-range ground rent payable was £50 billed every twelve months. The lease expired on 21 April 2102. Given that there were 76 years outstanding we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.