Top reasons for Castleford lease extension

Why you should commence your Castleford lease extension today:

Increase your lease and increase your Castleford property value

Castleford residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not issue a mortgage with a short lease

Almost all mortgage lenders require a lengthy amount of time left on any leasehold residence before they will consider lending on it. Regardless of whether you need a mortgage, you should be aware that it is likely that someone wanting to purchase your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Castleford?

Regardless of whether you are a tenant or a freeholder in Castleford,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Castleford valuers.

Castleford Lease Extension Case Studies:

Kelsey, Castleford, West Yorkshire,

After unsuccessful negotiations with the landlord of her leasehold flat in Castleford, Kelsey started the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction was finalised in November 2015. The freeholder’s charges were negotiated to approximately 700 GBP.

Castleford case:

Mr N Young owned a ground floor flat in Castleford in September 2004. The dilemma was if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar homes in Castleford with a long lease were in the region of £300,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease came to a finish in 2102. Given that there were 76 years outstanding we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.

Castleford case:

Dr T James completed a basement apartment in Castleford in April 1999. The dilemma was if we could estimate the premium would likely be to extend the lease by 90 years. Comparative properties in Castleford with a long lease were worth £257,800. The mid-range amount of ground rent was £65 billed annually. The lease concluded in 2091. Having 65 years remaining we approximated the premium to the landlord for the lease extension to be between £18,100 and £20,800 not including costs.