Why you should commence your Bubwith lease extension

Main reasons to start your Bubwith lease extension today:

Increase your lease and increase your Bubwith property value

Bubwith leases on domestic properties are gradually losing value. if your lease has in the region of ninety years remaining, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for your lease extension to be in place before the term of the current lease drops under 80 years - otherwise a higher amount will be payable. Leasehold owners in Bubwith will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.

Bubwith property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may not lend with a short lease

Most mortgage lenders will not lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this will result in your Bubwith property becoming difficult to sell or remortgage.

What makes us experts in Bubwith lease extensions?

Retaining our service gives you increased control over the value of your Bubwith leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bubwith Lease Extension Case Studies:

Jasmine, Bubwith, East Yorkshire,

Following lengthy discussions with the landlord of her basement flat in Bubwith, Jasmine commenced the lease extension process as the 80 year threshold was rapidly approaching. The legal work was finalised in August 2014. The freeholder’s charges were kept to an absolute minimum.

Bubwith case:

In 2012 we were approached by Ms Holly Brown who, having purchased a recently refurbished flat in Bubwith in November 2001. We are asked if we could estimate the price would be for a 90 year lease extension. Identical premises in Bubwith with 100 year plus lease were valued about £252,800. The average ground rent payable was £65 invoiced annually. The lease ran out on 9 August 2091. Considering the 65 years remaining we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including fees.

Bubwith case:

In 2014 we were contacted by Mrs Y Gray who, having purchased a first floor flat in Bubwith in April 1996. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable properties in Bubwith with 100 year plus lease were worth £191,400. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated in 2080. Considering the 54 years left we calculated the premium to the landlord to extend the lease to be within £34,200 and £39,600 exclusive of costs.