Why you should start your Beverley lease extension

Main reasons to commence your Beverley lease extension today:

Increase your lease and increase your Beverley property value

As the length of the unexpired term of a Beverley domestic lease decreases so does its value and therefore the value of your property. Where the lease has, over 125 years remaining then this decrease may be of little impact however there will become a point in time when a lease has under than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Beverley will qualify for this right; that being said a conveyancing solicitor should be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

It is generally accepted 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 all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not finance a property on a short lease

Banks and building societies do not like short residential leases. You most probably experience difficulties if you want to sell your flat in Beverley if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different lenders have different requirements but in the main they are looking for an unexpired term of at least seventy years.

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

Lease extensions in Beverley can be a difficult process. We recommend you secure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Beverley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Beverley Lease Extension Example Cases:

Alice, Beverley, East Yorkshire,

Following unsuccessful discussions with the freeholder of her one bedroom flat in Beverley, Alice commenced the lease extension process just as the lease was approaching the critical 80-year threshold. The transaction was finalised in February 2010. The landlord’s fees were kept to an absolute minimum.

Beverley case:

Last month we were contacted by Ms Zoe Evans , who was assigned a lease of a studio flat in Beverley in September 2006. The dilemma was if we could shed any light on how much (approximately) price could be for a 90 year extension to my lease. Identical flats in Beverley with a long lease were valued around £242,600. The average amount of ground rent was £45 billed per annum. The lease lapsed in 2093. Taking into account 67 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 plus legals.

Beverley case:

Last Winter we were approach by Mr and Mrs. Y Gómez , who purchased a garden apartment in Beverley in August 2004. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparative residencies in Beverley with 100 year plus lease were in the region of £280,000. The mid-range ground rent payable was £55 collected every twelve months. The lease ended on 5 April 2104. Considering the 78 years left we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.