Top reasons for Todmorden lease extension

Top reasons for lease extension now:

A Todmorden leasehold property depreciates with the years remaining on the lease.

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

Todmorden property with a lease extension is almost the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions will not issue a mortgage with a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Todmorden property becoming difficult to sell or remortgage.

What makes us experts in Todmorden lease extensions?

The conveyancers that we work with undertake Todmorden 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 conveyancing solicitor we work with provide it.

Todmorden Lease Extension Case Summaries:

Mason, Todmorden, West Yorkshire

Last Winter Mason, came dangerously near to the 80-year mark with the lease on his one bedroom flat in Todmorden. Having bought his property twenty years ago, the lease term was of minimal significance. by good luck, he realised he would imminently be paying an inflated amount for a lease extension. Mason extended the lease just in the nick of time in July. Mason and the freeholder via the management company ultimately agreed on sum of £5,000 . If he not met the deadline, the price would have become more exhorbitant by at least £1,100.

Todmorden case:

Mr and Mrs. K Lewis was assigned a lease of a garden flat in Todmorden in February 2012. The question was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical flats in Todmorden with a long lease were worth £171,800. The mid-range ground rent payable was £55 collected monthly. The lease end date was on 6 May 2076. Given that there were 50 years remaining we calculated the premium to the freeholder to extend the lease to be within £33,300 and £38,400 exclusive of expenses.

Todmorden case:

Last month we were called by Dr Leah Petit , who moved into a garden apartment in Todmorden in April 2012. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable homes in Todmorden with an extended lease were worth £280,000. The average ground rent payable was £45 billed monthly. The lease termination date was on 27 September 2096. Having 70 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 not including fees.