Top reasons for Yeading lease extension

Main reasons to commence your Yeading lease extension today:

Increase your lease and increase your Yeading property value

Yeading leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Yeading residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Yeading you must investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to lend with a short lease

What makes us experts in Yeading lease extensions?

The conveyancers that we work with handle Yeading 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 lawyer we work with provide it.

Yeading Lease Extension Example Cases:

Oliver, Yeading, North London,

Oliver was the the leasehold owner of a studio flat in Yeading on the market with a lease of a few days over 59 years outstanding. Oliver on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert advice and secured satisfactory resolution without going to tribunal and readily saleable.

Yeading case:

In 2011 we were e-mailed by Mr Jason Campbell who, having bought a purpose-built flat in Yeading in March 2009. The question was if we could shed any light on how much (approximately) price would likely be to prolong the lease by 90 years. Similar premises in Yeading with 100 year plus lease were in the region of £235,200. The average amount of ground rent was £45 collected per annum. The lease concluded on 2 November 2092. Considering the 66 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 plus professional charges.