Top reasons for Balby lease extension

Main reasons to start your Balby lease extension today:

Increase your lease and increase your Balby property value

The market value of a leasehold property in Balby is impacted by how many years the lease has remaining. If it is near to or fewer than 80 years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is preferable to start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be finalised prior to the eighty year mark. Leasehold Reform legislation entitles Balby qualifying lessees to obtain a new lease which will be for the balance of the existing lease plus an additional term of 90 years. The purpose of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

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

Nearly all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is probable that someone wanting to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the financial worth of the property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

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

Lease extensions in Balby can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Balby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Balby Lease Extension Example Cases:

Mia, Balby, South Yorkshire,

Off the back of unsuccessful negotiations with the freeholder of her first floor apartment in Balby, Mia commenced the lease extension process as the eighty year threshold was quickly approaching. The legal work was finalised in May 2008. The landlord’s charges were negotiated to about 600 GBP.

Balby case:

Mrs Charlotte Clark was assigned a lease of a ground floor flat in Balby in October 2002. We are asked if we could estimate the compensation to the landlord would be for a ninety year lease extension. Comparative premises in Balby with an extended lease were in the region of £260,000. The average amount of ground rent was £50 collected quarterly. The lease ended in 2099. Having 73 years remaining we approximated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Balby case:

Mr and Mrs. H Davis moved into a garden apartment in Balby in September 2002. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative premises in Balby with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 collected per annum. The lease ended in 2079. Considering the 53 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £37,100 and £42,800 not including costs.