Top reasons for 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 diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Todmorden tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Todmorden you would be well advised to investigate if your lease has between 70 and ninety years remaining. There are good reasons why a Todmorden leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold residencies in Todmorden with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Almost all banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this could result in your Todmorden property being difficult to dispose of or to obtain finance on.

What makes us experts in Todmorden lease extensions?

Lease extensions in Todmorden can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor with experience in lease extensions.

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:

Maisie, Todmorden, West Yorkshire,

Subsequent to lengthy correspondence with the landlord of her ground floor apartment in Todmorden, Maisie started the lease extension process as the 80 year mark was rapidly nearing. The transaction was concluded in September 2006. The freeholder’s fees were restricted to slightly above 700 GBP.

Todmorden case:

Last July we were e-mailed by Mrs D Laurent , who took over the lease of a garden apartment in Todmorden in June 1997. The dilemma was if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Todmorden with an extended lease were valued around £240,600. The average ground rent payable was £60 billed annually. The lease came to a finish in 2088. Considering the 62 years remaining we approximated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of professional charges.

Todmorden case:

Mr and Mrs. K Gunderson acquired a basement apartment in Todmorden in February 2010. We are asked if we could shed any light on how much (approximately) price would be for a ninety year extension to my lease. Identical residencies in Todmorden with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 collected every twelve months. The lease terminated in 2077. Considering the 51 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of fees.