Main reasons to commence your Baildon lease extension

Top reasons for lease extension now:

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

For those whose Baildon flat is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties when you need to market or remortgage your flat as it will be practically unmortgageable. Even though you might not have an immediate desire to sell but when you do your buyer must wait a couple of years before being able to start the legal procedures for a lease extension.

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

The conveyancing solicitors that we work with handle Baildon 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 conveyancing solicitor we work with provide it.

Baildon Lease Extension Example Cases:

Charlotte, Baildon, West Yorkshire,

Off the back of lengthy correspondence with the freeholder of her garden flat in Baildon, Charlotte initiated the lease extension process as the eighty year threshold was rapidly nearing. The lease extension was finalised in November 2010. The landlord’s fees were kept to an absolute minimum.

Baildon case:

Ms R Edwards completed a one bedroom flat in Baildon in June 2003. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Similar homes in Baildon with a long lease were valued around £265,000. The average ground rent payable was £50 invoiced annually. The lease lapsed on 2 June 2100. Given that there were 74 years remaining we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including fees.

Baildon case:

Mr and Mrs. Y Adams took over the lease of a one bedroom flat in Baildon in January 1996. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable homes in Baildon with 100 year plus lease were worth £166,400. The average ground rent payable was £60 invoiced monthly. The lease concluded in 2080. Considering the 54 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 exclusive of legals.