Top reasons for Shadwell lease extension

Main reasons to commence your Shadwell lease extension today:

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

The market value of Shadwell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate materialy once the unexpired lease term is less than 80 years

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

Leasehold properties in Shadwell with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Banks and Building Societies may not lend on a short lease

Many mortgage companies will not lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Shadwell property being difficult to dispose of or refinance.

What makes us experts in Shadwell lease extensions?

Irrespective of whether you are a tenant or a landlord in Shadwell,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Shadwell valuers.

Shadwell Lease Extension Example Cases:

Tyler, Shadwell, Leeds

During the course of the last few months Tyler, started to get close to the 80-year threshold with the lease on his purpose- built apartment in Shadwell. In buying his property two decades ago, the unexpired term was of minimal relevance. by good luck, it dawned on him that he needed to take action soon on a lease extension. Tyler extended the lease just ahead of time last June. Tyler and the freeholder in the end agreed on a premium of £5,000 . If the lease had slipped lower than 80 years, the sum would have gone up by a minimum £1,025.

Shadwell case:

Mr and Mrs. F Ramírez moved into a one bedroom apartment in Shadwell in September 2004. We are asked if we could approximate the premium would be for a 90 year lease extension. Comparative residencies in Shadwell with a long lease were in the region of £257,800. The mid-range ground rent payable was £65 collected quarterly. The lease lapsed on 8 March 2091. Given that there were 65 years outstanding we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 exclusive of costs.