Main reasons to commence your Ackworth lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Ackworth you actually own a long leasehold interest over your property

Ackworth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to lend with a short lease

Mortgage companies are really restricting their approach as regards to homes in Ackworth with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the amount of potential purchasers.

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

The conveyancers that we work with handle Ackworth 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.

Ackworth Lease Extension Case Summaries:

Georgia, Ackworth, West Yorkshire,

After unsuccessful correspondence with the landlord of her garden flat in Ackworth, Georgia commenced the lease extension process just as the lease was nearing the all-important 80-year mark. The legal work was concluded in March 2012. The landlord’s fees were kept to an absolute minimum.

Ackworth case:

In 2013 we were phoned by Mr and Mrs. H Martinez who, having moved into a basement flat in Ackworth in June 2001. The question was if we could estimate the price would be for a 90 year lease extension. Similar flats in Ackworth with a long lease were worth £215,600. The average amount of ground rent was £45 invoiced quarterly. The lease lapsed on 4 April 2088. Considering the 62 years left we calculated the premium to the freeholder for the lease extension to be within £18,100 and £20,800 plus fees.

Ackworth case:

In 2009 we were phoned by Mr and Mrs. E Leroy who, having was assigned a lease of a studio apartment in Ackworth in May 2005. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Similar homes in Ackworth with a long lease were valued about £265,000. The average ground rent payable was £50 billed every twelve months. The lease termination date was on 17 November 2099. Taking into account 73 years left we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including professional charges.