Top reasons for Todmorden lease extension

Why you should commence your Todmorden lease extension today:

Increase your lease and increase your Todmorden property value

It’s an underpublicised truth that a Todmorden residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Todmorden property market.Once your lease gets to 85ish years, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips under eighty years - otherwise a higher amount will be payable. The majority of leasehold owners in Todmorden will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and Building Societies have set criteria when loaning funds charged on leasehold property. Some will simply refuse lend at all once the residual lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Todmorden property.

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

Regardless of whether you are a tenant or a freeholder in Todmorden,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Todmorden valuers.

Todmorden Lease Extension Example Cases:

Shannon, Todmorden, West Yorkshire,

Following lengthy correspondence with the freeholder of her leasehold flat in Todmorden, Shannon initiated the lease extension process as the eighty year mark was quickly nearing. The legal work was concluded in August 2005. The freeholder’s charges were restricted to about 550 pounds.

Todmorden case:

Last Spring we were e-mailed by Ms N Thomas , who completed a newly refurbished flat in Todmorden in February 2002. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical residencies in Todmorden with an extended lease were valued about £216,000. The mid-range ground rent payable was £60 billed monthly. The lease ran out in 2084. Given that there were 58 years left we estimated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 plus legals.

Todmorden case:

Mr and Mrs. E Dupont acquired a garden flat in Todmorden in June 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Comparable homes in Todmorden with an extended lease were worth £205,000. The average ground rent payable was £50 billed quarterly. The lease elapsed on 2 May 2104. Considering the 78 years left we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.