Top reasons for Yeading lease extension

Top reasons for lease extension now:

A Yeading lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Yeading. Inevitably, the length of lease left reduces over time. This may pass by relatively unnoticed when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible leaseholders in Yeading have the right to extend the lease for an additional ninety years in accordance with Leasehold Reform legislation. Please give due deliberation before delaying your Yeading lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be conscious that it is probable that someone intending to acquire your property in the future might well do, so if they can't secure a mortgage, then the value of your property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Yeading?

Engaging our service gives you enhanced control over the value of your Yeading leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Yeading Lease Extension Case Summaries:

Aaron, Yeading, North London,

Aaron was the the leasehold owner of a studio flat in Yeading being sold with a lease of just over sixty years left. Aaron on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Aaron to invoke his statutory right. Aaron procured expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Yeading case:

In 2012 we were phoned by Mr N Williams who, having acquired a newly refurbished flat in Yeading in October 2006. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative residencies in Yeading with a long lease were valued about £183,600. The mid-range ground rent payable was £65 billed per annum. The lease finished on 13 November 2082. Given that there were 57 years unexpired we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of costs.