Main reasons to start your Brighouse and Rastrick lease extension

Top reasons for lease extension now:

A Brighouse and Rastrick lease depreciates with the years remaining on the lease.

The value of Brighouse and Rastrick leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage with a short lease

Mortgage lenders have specific criteria when loaning funds charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to remortgage your Brighouse and Rastrick property.

Why use us for your lease extension in Brighouse and Rastrick?

The lawyers that we work with handle Brighouse and Rastrick 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 conveyancer we work with provide it.

Brighouse and Rastrick Lease Extension Case Summaries:

Alex, Brighouse and Rastrick, West Yorkshire

Last October Alex, started to get close to the 80-year threshold with the lease on his garden apartment in Brighouse and Rastrick. In buying his home two decades ago, the lease term was of minimal relevance. Fortunately, he recognised he would soon be paying way over the odds for a lease extension. Alex was able to extend his lease just under the wire in August. Alex and the freeholder eventually settled on an amount of £6,000 . If he not met the deadline, the premium would have increased by at least £850.

Brighouse and Rastrick case:

Dr Zoe Robinson purchased a one bedroom flat in Brighouse and Rastrick in June 2010. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Similar properties in Brighouse and Rastrick with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £55 collected monthly. The lease terminated in 2105. Taking into account 79 years left we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus legals.

Brighouse and Rastrick case:

Last Winter we were e-mailed by Ms L Gunderson , who bought a purpose-built flat in Brighouse and Rastrick in February 1995. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Comparative homes in Brighouse and Rastrick with 100 year plus lease were worth £193,400. The mid-range ground rent payable was £65 billed yearly. The lease lapsed on 21 February 2085. Taking into account 59 years as a residual term we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 exclusive of legals.