Why you should commence your Todmorden lease extension

Main reasons to commence your Todmorden lease extension today:

Increase your lease and increase your Todmorden property value

Todmorden leases on residential properties are gradually losing value. Where your lease has about 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Todmorden will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process has started so it’s best to be guided by a lawyer during the process.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. As many flats in Todmorden were built in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to obtain a mortgage.

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

Lease extensions in Todmorden can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Todmorden lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Todmorden Lease Extension Example Cases:

Oliver, Todmorden, West Yorkshire

Last year Oliver, came seriously near to the 80-year mark with the lease on his basement apartment in Todmorden. Having purchased his property twenty years previously, the length of the lease was of minimal relevance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Oliver was able to extend his lease at the eleventh hour last January. Oliver and the landlord subsequently settled on an amount of £6,000 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £1,000.

Todmorden case:

In 2013 we were approached by Mr C Adams who, having purchased a newly refurbished apartment in Todmorden in September 2006. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Todmorden with an extended lease were valued about £280,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease came to a finish on 21 June 2096. Having 70 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus costs.

Todmorden case:

In 2013 we were approached by Mrs K Martínez who, having bought a garden apartment in Todmorden in July 2002. The dilemma was if we could shed any light on how much (approximately) price could be to extend the lease by 90 years. Identical residencies in Todmorden with 100 year plus lease were in the region of £223,400. The average amount of ground rent was £60 collected yearly. The lease concluded on 22 April 2085. Given that there were 59 years unexpired we calculated the premium to the landlord to extend the lease to be between £27,600 and £31,800 plus legals.