Main reasons to commence your Yate lease extension

Why you should start your Yate lease extension today:

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

The value of Yate 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 increase substantially once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

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

Mortgage lenders have set criteria when loaning monies secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes under a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than 75 years as acceptable security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Yate property.

What makes us experts in Yate lease extensions?

Using our service will provide you better control over the value of your Yate leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Yate Lease Extension Example Cases:

Reuben, Yate, Gloucestershire,

Reuben was the the leasehold proprietor of a 2 bedroom apartment in Yate on the market with a lease of a little over 59 years remaining. Reuben on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Reuben to exercise his statutory right. Reuben procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Yate case:

Ms I Rodríguez took over the lease of a one bedroom apartment in Yate in August 2000. The question was if we could approximate the price would be for a ninety year lease extension. Identical residencies in Yate with 100 year plus lease were valued about £260,200. The mid-range amount of ground rent was £65 billed monthly. The lease elapsed in 2092. Given that there were 66 years left we approximated the premium to the landlord for the lease extension to be within £16,200 and £18,600 not including legals.

Yate case:

In 2013 we were called by Dr Melissa Lefèvre who, having moved into a first floor apartment in Yate in October 2007. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative properties in Yate with an extended lease were in the region of £198,800. The mid-range amount of ground rent was £55 billed monthly. The lease ran out in 2081. Having 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including legals.